On Dec. 7, and repeated a few weeks ago, in "Natural Gas: Hedge Funds Betting on ’Catastrophic’ Surplus" I mentioned:
*When options on the futures were introduced in 1992 a buddy of mine eschewed all weather reports from the Midwest and Great Lakes figuring that the only temp that mattered was whether or not the traders felt cold at the exchange.Here's today's story, from Bloomberg:
He retired rich, I don't know if there's a correlation.
Cold Air Aims at NY, Northeast This Weekend
Cold weather may come to the U.S. Northeast including New York next week, boosting demand for natural gas and heating oil to warm homes and businesses, forecasts show.NatGas futures are up 1.84% at 2.597.
Temperatures may fall from 6 to 10 degrees Fahrenheit (3.3 to 5.6 Celsius) below normal in the New York area to as much as 18 degrees below normal in northern Maine, according to David Salmon, owner of Weather Derivatives in Belton, Missouri.
“The big story this morning is the strengthening of this weekend’s Northeast cold push and the longer duration into early next week,” said Matt Rogers, president of Commodity Weather Group LLC in Bethesda, Maryland....MORE