The Money Man Behind Rick Santorum: Who Is Foster S. Friess?
Savings Experiment: Snow Removal
Oil prices are moving higher today, as investors look to weather forecasts that predict colder than normal weather coming over the next week.According to a report from Weather Derivatives, heating fuel consumption will most likely rise by about 6.7% over the next seven days as cold weather continues to sweep across the nation.
In New York, forecasters are expecting temperatures to fall to around 20 degrees, which is 5 degrees lower than typical for this time of year.
With oil prices looking to head higher this week, 2009 will mark the biggest one-year gain in the precious crude since 1999. Oil is up over 75% so far in 2009, fueled by the economic recovery which is expected to boost oil demand.
Looking ahead to 2010, the International Energy Agency raised its forecast for 2010 global oil demand to 86.3 million barrels a day earlier this month. The revised estimate is 130,000 barrels a day higher than its previous estimates.
So far today, oil prices have jumped by 35 cents a barrel to $78.40, and hit a high earlier in the session of $78.68.
Here is a chart of oil to give you a better perspective on how the precious crude has been trading as of late:
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
12-28-2009 @ 10:33AM
J Roy said...
Speculators are at it again. We are expected to have a warmer than usual winter because of an El Nino.
And as soon as all the Extra Holiday help gets laid off, thing will take a down turn. Does not sound like a recovery to me. The government needs to inact laws against speculators and bad speculation that is wrecking our economy.