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Business Journalism: Groping in the Dark for a Narrative

H/T My Boss, in an email late today titled “This is complete lunacy”:

January 5, 2009 10:50am:

Natural Gas Declines on Higher Temperatures, Ample U.S. Storage

By Reg Curren
Jan. 5 (Bloomberg) — Natural gas futures fell in New York as higher temperatures were forecast across most of the country this week, limiting demand for the heating fuel.

Normal and above-normal temperatures are expected along much of the East Coast and Midwest through Jan. 9, according to MDA Federal Inc.’s EarthSat Energy Weather. About 72 percent of households in the Midwest rely on natural gas for heating.

“It’s going to be very warm now, then very cold mid-month and then moderating toward the end of the month,” said George Hopley, an analyst at Barclays Capital in New York.

Then…

January 5, 2009 4:30pm:

Natural Gas Gains in New York on Forecast for Colder Weather

By Reg Curren
Jan. 5 (Bloomberg) — Natural gas futures rose for a second day in New York on speculation lower temperatures next week will boost demand and pare stockpiles.

Temperatures will begin to drop later this week, with the cold weather intensifying between Jan. 9 and Jan. 15 across the Midwest and Northeast, according to forecaster AccuWeather.com. Lower temperatures boosts demand for the fuel, especially in the Midwest, where 72 percent of households rely on gas for heating.

“There’s a lot of weather in the news,” said Michael Rose, a director of trading at Angus Jackson Inc. in Fort Lauderdale, Florida. “The hyperbole is causing gas to jump a bit.”

[emphasis added]

Second story linked here. Link to first story is unavailable, as the second story updates it.

Fill in your own gratuitous comment about The Consensus’ ability to forecast climate 50 years hence.

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