Blizzards

December blizzards in the Plains, Mid-Atlantic and New England and the current wave of icy air that has settled over much of the United States, particularly in the East as far south as Florida, are the precursors to what could be the worst winter in 25 years, according to AccuWeather.com Chief Long Range Forecaster Joe Bastardi.

There were no blizzards or major heat waves in the near-term sights of the weather radar, but spot prices managed to rebound by large amounts across the board Tuesday from the depths to which they had sunk on Friday. They did have support from both Friday’s 22-cent futures gain (which broke a string of downward sessions) and the return of industrial load from the extra losses it incurs on a holiday weekend.

The onslaught of what is developing into the most severe winter weather of the 2006-07 season so far in key market areas, eclipsing even the January blizzards, trumped the previous day’s 60.1-cent plunge in March futures as chief cash market influence Tuesday. The result was rising prices at nearly all points, led by triple-digit spikes at several Northeast citygates.