Points

Prices rebounded, if only slightly, at most points Monday as temperatures closer to normal for those of late August began to return in most of the market areas.

Except for flat to slightly higher numbers in Western Canada and El Paso’s Bondad pool, prices continued to slip at nearly all points Friday. Cooling load remained fairly high throughout most of the southern third of the U.S., but that was overcome by forecasts of little more than warm weather in northern market areas, the previous day’s drop of 6.8 cents by September futures and the usual weekend decline of industrial demand.

Prices dwindled at virtually all points Friday as cooling load remained largely static or dropped in such key market areas as the Northeast. The previous day’s decline of 3 cents by September futures was an additional, but minor, bearish influence on the cash market.

The acrimony between Texas and the federal government — over oil spill and air emissions regulations, to name but two points of friction — continued Tuesday at the Railroad Commission of Texas (RRC).

Only a couple of Western Canadian points where temperatures were staying fairly mild got left out of heat-driven gains at all other locations Monday. The previous Friday’s advance of 9.6 cents by September futures gave an added boost to the cash market.

Overall weather fundamentals didn’t seem all that supportive, but prices increased at a large majority of points Monday. The return of industrial load following the weekend was a minor bullish factor, while Friday’s futures gain of 0.3 cent was essentially neutral to the cash market.

Prices were up by double-digit amounts at nearly all points Monday, getting strength from warming temperatures returning to several areas, a futures gain of 13.4 cents on the preceding Friday and news of a tropical system off the West African coast that had a good chance of becoming the Atlantic’s first named storm (Alex) of the season.

Prices continued to fall at virtually all points Thursday as weak prior-day futures continued to weigh on the market and predictions of hot weather lasting into at least mid-June were falling short of expectations.

Virtually all points fell Wednesday following a string of July futures gains having come to an end a day earlier. Declines of power generation demand for air conditioning in some areas also contributed to the cash softness.