Somewhat improbably, the cash market built upon Friday’s modest gains, which came amidst mixed price moves, with a fairly strong advance across the board Monday. The return of industrial load from its weekend dip was a minor bullish factor, but otherwise reasons for Monday’s upticks were difficult to discern.
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Somewhat improbably, since the high heat levels of last week have receded from most areas outside the desert Southwest, prices rose at most points Monday. The cash market did have support from the previous Friday’s 16.5-cent advance by August futures and from the return of industrial load from weekend hiatus.
Rather improbably, since cooling demand remains moderately subpar for early July outside the western U.S. and a holiday flow date was involved, prices rose in most of the cash market Tuesday. A few points that were flat to down about 15 cents extended a recent trend of mixed price movement nearly every day.