Todd Zeranski and Erik Schatzker
Tuesday, Sept 29th, 2009
The U.S. Northeast may have the coldest winter in a decade because of a weak El Nino, a warming current in the Pacific Ocean, according to Matt Rogers, a forecaster at Commodity Weather Group.
“Weak El Ninos are notorious for cold and snowy weather on the Eastern seaboard,” Rogers said in a Bloomberg Television interview from Washington. “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.”
Warming in the Pacific often means fewer Atlantic hurricanes and higher temperatures in the U.S. Northeast during January, February and March, according to the National Weather Service. El Nino occurs every two to five years, on average, and lasts about 12 months, according to the service.
Hedge-fund managers and other large speculators increased their net-long positions, or bets prices will rise, in New York heating oil futures in the week ended Sep. 22, according to U.S. Commodity Futures Trading Commission data Sept. 25.
This article was posted: Tuesday, September 29, 2009 at 9:49 am