Weekend prices showed almost a directly opposite pattern from deals done a day earlier. Whereas Northeast citygates had spiked Thursday while the rest of the market was softer, on Friday it was the Northeast (along with the Rockies) plunging while all other points were rising, based largely on the bullish Nymex response to Thursday morning’s storage withdrawal report.
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Northeast Spikes at Odds With Overall Soft Market
Huge spikes that often well exceeded a dollar at Northeast citygates were in sharp contrast to falling prices elsewhere Thursday. Although lows would continue to be around freezing or below at many locations Friday, including some in the South, a continuing moderation of overall heating load from previous levels combined with Wednesday’s retreat of 21.6 cents by January futures to generate losses at most points.
Overall Rebound Led by Hefty Northeast Gains
Double-digit spikes at Northeast citygates led an overall price rally Monday as low temperatures around freezing or less were in the forecast for Tuesday in the Northeast, Midwest and some sections of the South and West. The return of industrial demand from its typical weekend decline was another mildly bullish factor in the market, while last Friday’s 7.2-cent drop by March futures apparently had limited impact.
Most Points Near Flat in Mixed Price Movement
Excluding double-digit gains at Northeast citygates, only a few other points moved more than a dime up or down from unchanged Thursday. Friday’s low temperatures were predicted to get colder in the Midcontinent, Northeast, Midwest and Rockies, but they were often counterbalanced to some extent by forecasts of relatively moderate highs. Wednesday’s decline of 1.1 cents by March futures had scant impact in pushing the cash market either way.
Most Points Soften; New York Peaks at $23
Except for further spikes at Northeast citygates and also on the two major Appalachian pipelines, there were few other price gains Wednesday despite especially harsh winter weather predicted to continue Thursday in northern U.S. market areas and Eastern Canada. The previous day’s 35.8-cent slide by February futures obviously had a negative influence on most of the cash market.
Northeast Spikes Lead Overall Price Gains
Except for conspicuous spikes at Northeast citygates, price movement was mixed Thursday with most points moving only a few cents up or down. Forecasts of frigid temperatures Friday and continuing into the weekend from the Northeast to the Rockies proved to be more influential than the previous day’s 11.1-cent decline by February futures; the result was a solid majority of rising quotes.
Multi-Dollar Northeast Spikes Highlight Overall Rally
Northeast citygates soaring by multi-dollar amounts were way out in front of price rebounds at nearly all points Friday. Winter storms were already under way in the Northeast and Midwest (to be followed by new ones during the weekend), a fresh storm was due Saturday in the already frigid Pacific Northwest, and the South could expect one more day of moderate conditions before a cold front brought a return of wintry weather Sunday.
Northeast Still Soft, But Most of Market Rebounds
Several retreating Northeast citygates failed to join rebounds from weekend weakness in the rest of the cash market Monday. In addition to prior-trading day support from Friday’s 16.4-cent rally by December futures and the return of industrial load from weekend hiatus, heating demand was picking up again in the Midwest and South after brief warming trends going into the weekend.
Flat Quotes Reign Again; Northeast Sees Moderate Rally
Wednesday’s market outside the Northeast was a repeat of Tuesday’s: nearly all points less than a dime up or down from flat. Meanwhile, Northeast citygates made their second reversal of price direction in as many days, but rising by only double-digit amounts this time instead of ringing up multi-dollar moves as on Monday and Tuesday.
Northeast Dives Contrast with Flatness Elsewhere
As they often are, Northeast citygates were conspicuous in an otherwise close to flat market Tuesday by giving back much of the large gains they had realized a day earlier. Most points saw little change as the Northeast and Midwest are due to see modest warm-ups Wednesday while the South begins turning colder.