Next-day prices at East and Northeast points screamed higher Tuesday, some by as much as $13, as temperatures dipped well below freezing. Overall, the market averaged a 97-cent gain. If the weather-driven gains in New England and Mid-Atlantic points are factored out, however, cash prices rose by just 6 cents.
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Tumbling Cash Has Catching Up to Do As Futures Rocket 76.7 Cents Higher
While Nymex screamed out of control Monday, with the January contract moving 76.7 cents higher to $6.930, the cash market largely sat back and watched in shock. Most cash points ended the day down about 20 cents in delayed response to Friday’s futures slide and the short-term forecasts in the Northeast for a little bit milder weather by Wednesday. Cash trading on Tuesday, however, almost certainly will be a different story.
December 9, 2003
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