Weak El Niño Means U.S. Northeast Could Have Coldest Winter in a Decade
September 29, 2009
(ChattahBox) — Hedge-fund managers and other speculators increased their net-long positions, or bets prices will rise, in New York heating oil futures, after predictions emerged that the U.S. Northeast may have the coldest winter in a decade. This years El Niño, which developed in June, has been weak thus far, and that’s more favorable to winter cold and snow. According to Matt Rogers, a forecaster at Commodity Weather Group via Bloomberg: “About 70 percent to 75 percent of the time a weak El Nino will deliver the goods in terms of above-normal heating demand and cold weather. It’s pretty good odds.”
On the plus side, an already quiet 2009 hurricane season has gone dormant for the last two weeks, with no known threats on the horizon (knock on wood).