As anticipated, the bears regained firm control of the cash market Friday following a flat to mildly softer Thursday. They had little trouble in doing so, aided by the previous day’s screen dive in response to the storage report, unseasonably mild weather throughout much of the East, and the slump in industrial load that typically accompanies a weekend. Even a weekend burst of highs reaching the low 90s in parts of the Northeast was unable to avert drops of 20 cents-plus at regional citygates.
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Senate OKs $300M Hike in LIHEAP Funds; Bush Releases $200M
As winter temperatures in the Northeast plunged to single digits, the Senate last Thursday overwhelmingly passed a major omnibus spending bill that, among other things, calls for a $300 million increase in federal assistance to help low-income heating customers pay their utility bills throughout 2003. At the same time, President Bush released additional emergency funds last week to aid the public during the cold snap.
Senate Approves $300 Million Hike in LIHEAP Funding
As winter temperatures in the Northeast plunged to single digits, the Senate overwhelmingly approved Tuesday a $300 million increase in federal assistance to help low-income heating customers pay their utility bills throughout 2003.
Screen-Led Rally Is Expected to Be Short-Lived
Prices recorded gains at all points Thursday, with nearly all of them in double digits. Sources cited the previous afternoon’s run-up in energy futures as the chief price booster, since air conditioning demand remained on the relatively mild side for mid-summer in the key Midwest and Northeast market areas. Increases were remarkably consistent across the market spectrum; few were less than a dime, and a majority ranged between about a dime and a little more than 20 cents.
Screen-Led Rally Is Expected to Be Short-Lived
Prices recorded gains at all points Thursday, with nearly all of them in double digits. Sources cited the previous afternoon’s run-up in energy futures as the chief price booster, since air conditioning demand remained on the relatively mild side for mid-summer in the key Midwest and Northeast market areas. Increases were remarkably consistent across the market spectrum; few were less than a dime, and a majority ranged between about a dime and a little more than 20 cents.
Price Declines Expected to Get Steeper Today
This week’s price rally ran out of steam Thursday with nearly all points declining in double digits. Traders anticipated a moderation of the blast of winter that had invaded most of the nation except for the Southeast and Mid-Atlantic states, and also noted considerable weakness in the natural gas, crude oil and heating oil futures contracts.
Cash Gains in Double Digits; Repeat Expected Today
Several sources had expected cash prices to stay put for themost part Wednesday until the AGA’s storage report was released inthe afternoon, but they were fooled. Instead, buoyed by a firmerscreen during the morning, cash got a head start on the subsequentbig futures run-up by rising about a dime or more at nearly allpoints.
EEI: New Record Electric Output Set
As high temperatures and humidity pushed heat indexes into thetriple digits, electric output for the week ending July 24 reached81,144 gigawatt hours (GWh), surpassing the previous record of80,335 GWh set last August, according to data collected by theEdison Electric Institute.