Weather Still Fueling Oil Prices

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Cold weather is at it again causing oil prices to go back up by creating a demand for heating oil.

Snow storms in the northeastern U.S. and predicted cold temperatures lasting the rest of the month have both played their part in the high oil prices which have reached an 8 week high in London.

“There’s 13 inches of snow in Central Park'” in New York, mentioned Deborah White with Societe Generale. “People will read it as a blizzard emergency as long as airports are shut and power lines are down.”

The weather is not the only factor to take into consideration. A Forbes article says,

“The potential for further oil output disruption in Nigeria also worked to push up prices, along with concerns about possible new production cuts at an upcoming OPEC meeting and fears of new violence linked to the Iraq election.

Light sweet crude for March delivery rose 48 cents to $49.01 a barrel in electronic trading on the New York Mercantile Exchange. Heating oil rose more than 2 cents to $1.4055.

Brent crude was up 60 cents on the International Petroleum Exchange, fetching $46.33 a barrel.”

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Weather Still Fueling Oil Prices
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