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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Price moves continued to be mixed Tuesday, but this time flat to higher numbers nearly overwhelmed the occasional small loss. Although any potential tropical threat was still remote, the previous day’s 2-cent futures uptick along with scattered moderate increases in both heating and cooling load were enough to firm quotes at nearly all points.
Hurricane Irene, which was upgraded to a Category Three hurricane Wednesday morning, is expected to continue to strengthen as it moves away from the Bahamas, turning to a more northerly track and more closely approaching the coastline in the Mid-Atlantic or New England sometime this weekend, according to the National Hurricane Center (NHC).
The first hurricane of 2011 does not appear to be headed for the Gulf of Mexico, but the U.S. East Coast could be in for a tough week as the storm intensifies and moves north, tropical forecasters said Monday.
The city of Morgantown, WV, made no moves to appeal to the state Supreme Court a judge’s ruling that struck down its ban on hydraulic fracturing (fracking). It is instead considering its options to seek additional safety measures from Northeast Natural Energy (NNE).
A regulatory judge will decide the next moves in a case in which the utility has admitted to safety violations..
In today’s depressed natural gas and power markets, any hopes of a solar building boom have been dashed as evidenced by the latest moves at Edison International’s utility. Southern California Edison (SCE) has decided to cut its utility investment in rooftop solar systems in half, according to the parent company CEO Ted Craver, speaking on a conference call Monday in which Edison reported increased profits year over year and flat results for the fourth quarter last year.