It has been speculated namely by Bloomberg, that the price of oil may go down next week with anticipation of warmer weather in the eastern United States.
As mentioned in this article, Crude oil went up nearly $2 a barrel to over $45 a barrel after a surge in heating oil purchasing due to cold weather.
According to a Forbes article,
"Crude futures dipped Friday after a $2 surge in prices the day before that forced investors anticipating a falling market to cover their bets.
Light sweet crude for February delivery dropped 21 cents to $45.35 a barrel in afternoon trade on the New York Mercantile Exchange. Prices for heating oil were down less than a penny at $1.279."
``The current cold weather will keep prices up for the next few days, but milder weather will bring the bears back out next week,'' stated Strategic Energy & Economic Research president, Michael Lynch.
Come on, warm weather!
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