velocity changes

Going from indoor to outdoor recently, so 68F to maybe 50F or a bit below, I was losing around 20fps and have noticed this before and more. 

I heard it said on a youtube vid that it's to do with grease and lubes from factory assembly in the gun getting thicker in the lower temperatures... but I'm not sure in a PCP exactly where the grease is that's causing this - maybe in the hammer spring or valve stem? I am pretty sure that the inside of regulators are supposed to have some lubricant in them but I'm sure someone knowledgeable here could tell us.