Bloomberg reports that "Crude oil fell on expectations that milder temperatures in the U.S. will help preserve stockpiles of winter heating fuels that are above average levels."
"Warmer weather is forecast for most of the U.S., with temperatures in the Northeast averaging 8 degrees above normal through Jan. 3, Missouri-based forecaster Weather Derivatives said today. Temperatures in Boston will average almost 40 degrees Fahrenheit (4 Celsius), about 9 degrees above typical levels this time of year, according to another forecaster, Meteorlogix."
Energy Select Sector SPDR (XLE) and iShares Goldman Sachs Natural Resources (IGE) are down 2.5-3.5% during mid-day trading.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.