Scorching temperatures blanketing much of the U.S. last week resulted in another round of new power demand records being set. Electrical grid operators were able to meet the demand without any significant disruptions in service. Demand records tumbled like dominoes in the Northeast, the Midwest and Ontario.
Articles from Blanketing
Some cracks formed Thursday in the wall of firmness that the cash market had established the day before, but for the most part severe cold blanketing Canada and nearly all of the Lower 48 states kept a large majority of points rising. A 20-cents-plus screen gain on Wednesday added a bit of extra support to Thursday’s heating load price strength.
With arctic cold finally blanketing most of the Midwest and Northeast, the question now becomes whether this cold blast from Canada will be too little and too late to stem the fall of natural gas futures prices.