Hot conditions occupying most of the eastern two-thirds of the United States were unable to keep the overall rally that had begun the week from fading Tuesday. Prior-day futures weakness contributed to the bearish mood, and the return of industrial load from its normal weekend decline obviously was ineffective in propping up the cash market.
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Most Points Outside of the Northeast Respond Softly to Cold Blast
Northeast citygates and a few other locations, mostly in the West, were able to get a price boost from the severe cold expected to be occupying most of Canada and the U.S. by the start of this week. The rest of the market appeared to pay little attention as losses of less than a dime dominated.
Prices Mostly Up in East, Down in West
As sources expected, prices were mostly higher Friday in the East, where frigid weather would be occupying northern market areas during the weekend and more moderate but still cold conditions were expected in the Midcontinent and South. Also as expected, a generally moderate West outside the mountain areas saw mostly softer quotes.
Northeast Citygates Lead Price Gains at Most Points
The frigid conditions predicted to be occupying the Midwest, Northeast and to some extent the South Friday finally got the upper hand over prior-day futures weakness and produced gains at most points Thursday. Except for large increases at Northeast citygates, most of the cash market advance was rather timid.
Rockies Spikes Lead Overall Cash Market Surge
Spring officially began Tuesday evening, and despite a warming trend in the Midwest along with generally moderate weather already occupying the South, cash prices rose at a large majority of points that day. Several Rockies points spiked by dollar-plus amounts in rebounding from big plunges Monday, while most of the small losses were concentrated in Appalachia and at Northeast citygates.
Double-Digit Gains at All Points Launch Aftermarket
With winter-like weather occupying or being hinted at in most areas, there was no surprise when all points were united in strong advances Wednesday. The previous day’s screen uptick of about a dime provided a bit of extra support for cash prices.