Oil Prices Fall on Warmer Weather Forecasts

[NVMojo]

AP-Forecasts for warmer weather in the U.S. helped push oil prices below $60 a barrel Monday, and traders said there was also some focus on an OPEC official's comment that the cartel had "more than adequate" excess production capacity to meet this winter's expected global demand.

Light, sweet crude for December delivery lost $1.32 to $59.90 a barrel in midday trading on the New York Mercantile Exchange. In London, December Brent futures fell $1.01 to $58.41 a barrel.

Heating oil futures fell more than 6 cents to $1.777 a gallon, while gasoline lost more than 4 cents to $1.582. Natural gas futures declined 72.5 cents to $12.33 per 1,000 cubic feet.

"The market has been spooked by warm weather," said analyst Phil Flynn of Alaron Trading Corp. in Chicago.

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2005/oct/31/103107640.html

[cliss]

1. That's good news.

For once, it's actually good news.

[drumz4hire]

3. Hope it's a continuing trend....

but I'm sure the BFEE and their oil cartel buddies will
find a way to jack those prices back up :mad:

[wordpix]

2. lol, maybe the only upside of global warming

[Psephos]

4. All kidding aside

Global warming is expected to "peel" about ten degrees of latitude out of the temperate zone in North America and Europe, which will have a large effect on fossil fuel consumption during the northern winter.

Peace.

[reprobate]

5. And a huge effect on our summers. Florida will be unlivable.

We're nearly at that point now. Plus there's the Super 'Caines we are now subject to. I'm willing to bet that the southeast will be depopulated in a few years. Expect 200 mph winds to be common in summers now and the season will last another month compared to the past.

But then the north will suffer too. When the atlantic converyor stops moving warmth north you won't have to worry about ice for your drinks. Just step outside and chip some from the glacier next door.

Oh, don't worry about the planet. Earth will survive. Humanity won't.

THANKS, GEORGE!

[Psephos]

6. Excellent point

Generally speaking, BTU for BTU, it costs more to cool a building than to heat one.

Maybe instead of snowbirds going to Florida for the winter, we'll start to see sunbirds coming to Toronto or Minneapolis for the summer.

Peace.

[meow2u3]

7. I was hoping for a mild winter

Just so I could save on my heating bill this winter--unlike the single-degree chill which sent my heating bill through the roof last year.