Wednesday forecasts of freezing or subfreezing lows stretching from the Northeast through the Upper Midwest and Plains into the Rockies and Western Canada, accompanied by snow in several areas, extended the cash price rally that had begun last Friday into its third trading day Tuesday.
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Although residents of the Upper Plains, Midwest, Northeast and most of Canada can expect subfreezing lows Wednesday, only a few delivery points in the Northeast showed any signs of significant heating load in their pricing Tuesday. Otherwise, following a day of gains at a large majority of locations the market was exhibiting some signs of weakness Tuesday as small upticks moderately dominated a near-flat mix of quotes.
Subfreezing lows will be left in the wake of an icy coastal storm moving out to sea, but Northeast residents will no doubt welcome the chance to finish cleaning up in relatively dry conditions after the devastating blizzards in the middle of last week. Thus Northeast citygates took nearly all of Tuesday’s price hits ranging from about 40 cents to the $1.50 area (the Florida citygate chipped in with a loss of about a nickel).