...The only problem is that there hasn't been any snow in the NY metro area to build any snowmen this season! The Climate Prediction Center's 6 to 10 Temp Outlook shows it's going to be downright balmy across much of the country for this time of year.
This forecast is likely to mean downward pressure on natural gas in the weeks ahead, but long range forecasters who we follow closely are still not giving up on a colder January and February, at least not yet, and some are predicting that colder weather will return toward the end of the year. That could at least put a floor under the market.
From a broader prespective, this 10 day period of mild weather could not come at a worse time for many apparel retailers who want to move winter gear out the door for Christmas and will have trouble doing so. At the same time, these bouts of milder weather also mean savings on winter heating bills which translates into an overall positive effect for consumers, not to mention a slight boost for the ailing housing market, since construction starts can continue even as far north as southern Maine with this mild weather. Don't underestimate the far reaching impact of this mild weather!