Sizzling

Forecasts of very warm to sizzling weather Tuesday across quite a few market areas, along with the 14.5-cent rebound by futures Friday and the return of industrial load from its typical weekend decline, were able to raise cash prices at nearly all points Monday. The source of some of the demand was obscure, though, because cooling trends are due at some western locations in the South and Midwest.

A cold front moving in to cool off the previously sizzling Northeast and huge negative pressure from Monday’s screen plunge helped ensure that cash prices fell Tuesday at all points except one, which saw a tiny gain.

In spite of the sizzling heat wave that has descended upon the U.S. this week, natural gas futures on Monday departed from the last week’s upswing to explore lower price levels once again. August natural gas plummeted below the psychological $6 support level in Monday’s regular session to settle at $5.783, down a whopping 56.4 cents from Friday.

Outgoing Chairman Pat Wood essentially passed the baton, sizzling hot from heavy use, to his successor-in-waiting, Commissioner Joseph T. Kelliher, at the close of the Federal Energy Regulatory Commission’s open meeting Thursday.