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Energy Bulls Dreaming Of White Christmas

The mild weather in the Northeast continues to put pressure on oil prices. CNBC's Sharon Epperson explained where that leaves the energy markets - and what they're saying today at the New York Mercantile Exchange.

Epperson said the warm weather is expected to persist and that's left the energy bulls with sweat on their brows.

Events have not been positive for investors. Demand for heating oil is down. OPEC hasn't cut what they said they were going to cut and the UN postponed it's announced sanction resolution against Iran.

Without any bullish news, traders today are focussed on the charts. Joe Marhsall with McNarmara Securities says, "The market is maintaining a friendly posture and showing some bottoming action with support right around $60."

Natural gas is also weaker, again today. It's very sensitive to the weather - falling 13% the past month and 7% this week alone.

(Of course what's bad for energy bulls is good for you. Your home heating bill might be lower as a result.)