Heat makes air and various other gases rise, but it was able todo little if anything to prevent a general rout in natural gas cashprices Tuesday. Decreases straddled the dime level at the greatmajority of points even as heat waves continued to sear much of thenation and sparked some $1,000-plus hourly prices per MWh in somepower markets.
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Futures Not Able to Mimic Cash Gains
The futures market received an early boost from hot weatherspreading up the East coast and a strong over-the-counter marketMonday morning, but the buying ebbed sending Nymex spiraling lowerthroughout the day. “We shot up to $2.20 in a hurry, but the marketcould offer no follow-through above that level. At that point itwas a where-do-we-go-from-here mentality and the answer to thatquestion was down,” an analyst said. That left the August contractoff 7 cents to $2.095.
July 21, 1998
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