Unseasonably Warm Winter Expected Across the US in 2023-24

The US is expected to experience unusually mild weather for the remainder of the winter, with above-average temperatures in the Northeast and parts of California, influenced by the current El Niño event. However, the Midwest is predicted to face a deepening drought over the next three months, which could impact the spring planting season for soy and corn. The balmy outlook has caused natural gas futures to drop nearly 10% this month. Globally, 2023 is on track to be the warmest year on record, with January to November already being the hottest period in the 174-year record.