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The two winter storms that hit the mid-Atlantic region of the U.S. brought with them $2 billion in insured losses. With wind gusts exceeding 50 mph and snow accumulations topping 30 inches in some places, the majority of insured losses, according to catastrophe modeling firm EQECAT, will be sustained from northern Virginia through the New York metropolitan area. Roof drainage, pipe breakage and water leaks from ice dam in eaves are the most common causes of monetary losses, which find their way up the risk supply chain to insurers.
winter posts
FeedSnow Costs Insurers $2 billion
The Latest Factor to Boost Oil Prices: Cold Weather
The price of oil, which these days seemingly averages one new, bullish catalyst a week, now has another -- to ring in the new year: a possible colder-than-normal winter in the northern hemisphere. Bitter cold weather from the United States to China has increased the demand for heating oil, particularly in the oil-use-heavy Northeast U.S., and in the process boosted the value of crude. Of course weather patterns can shift, but as of now it looks like the U.S. may be in for a colder-than-normal winter. Oil, which traded Tuesday afternoon up 39 cents to $81.90 per barrel, will now likely take out last year's high at/near $82.
Continue reading The Latest Factor to Boost Oil Prices: Cold Weather
Oil prices move higher following bullish inventory report, Iranian missile test
Oil prices have been on the rise today, following a government report that showed inventories fell more than expected last week.Going into today's inventory report, analysts had been expecting to hear that oil inventories shrank by around 2 million barrels last week, but according the the Department of Energy the actual draw was much steeper at 3.7 million barrels.
Continue reading Oil prices move higher following bullish inventory report, Iranian missile test
Oil jumps above $98 on inventory concerns, Nigerian strife
Oil surged above $98 per barrel Wednesday on expectations that U.S. oil stockpiles declined for a seventh consecutive week, Bloomberg News reported Wednesday. Oil rose $2.31 to $98.29 before pulling back slightly to $97.75, as traders attempted to gauge both U.S. demand and geopolitical factors affecting supply as the new year dawns.
Demand, Nigeria weigh
Independent energy trader Jim Dietz told BloggingStocks Wednesday that unrest in Nigeria is also putting energy traders' moods in a bullish frame of mind.
"We've got the political situation in Nigeria popping up again where 12 people were killed by militants and a near-unanimous consensus that U.S. stock piles will be lower, so that's more than enough to send this oil market higher," Dietz said. "I know it's not what consumers want to hear at the start of a new year, but oil and heating oil prices are heading higher, at least for the short-term."
Heating oil gained about 4 cents to $2.69, while unleaded gasoline rose 5 cents to $2.53 in Wednesday morning trading. Natural gas gained 17 cents to $7.65 per million BTUs.
Continue reading Oil jumps above $98 on inventory concerns, Nigerian strife
Oil flows through $60
Over the last week or so oil has been tempting to bust through the psychological $60 barrier but so far had come up just a little short. On Tuesday, oil prices rose up and kissed $60 but until today we had not seen prices break through their resistance.Oil hit a high earlier today of $60.42 and is currently (early morning) trading just a bit north of $60 at $60.05. We got the needed push necessary today as we have seen fresh threats coming out of OPEC giant Iran directed towards America.
As we all know, Iran and America have been in heated debate recently regarding Iran's interest in developing nuclear power. The Iranians insist upon the fact that they are merely interested in providing more effective power for their citizens, but America thinks that the country has more sinister ideas in mind.
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