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It looked like a pretty bad call when people were strolling around in shorts and sandals in New York City in mid December and many (probably most) analysts were suggesting another warm winter, but now Chesapeake Energy's weather team is looking pretty smart with their calls (notes here and here) for a more normal (i.e. cold) winter in 2007. Other natural gas stocks are looking stronger (XTO, COG for example), but CHK ought to be getting a bit more credit here, I think. The market feels CHK has been a bit too busy with deals and financings though.

Bloomberg: Crude Oil Rises as Cold Temperatures Signal Higher U.S. Demand.

Quotes:

Temperatures fell to 10 degrees Fahrenheit (minus 12 Celsius) in Boston overnight on Feb. 4-5, when 22 degrees is the normal low at this time of year, Michael Palmerino, a forecaster at Lexington, Massachusetts-based Meteorlogix LLC said yesterday.

``It will stay below normal and much below normal for the next week to 10 days,' Palmerino said. ``It will take time for the weather pattern to change and for the cold air mass to retreat back into Canada.'

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Disclosure: I own CHK and XTO; not an endorsement.

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