Prices continued to fall at nearly all points Thursday as subpar temperatures for late August persisted in most areas and a losing streak by the futures market continued to negatively influence cash numbers.
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Prices Rebound in Most of the Cash Market
Rather improbably, since cooling demand remains moderately subpar for early July outside the western U.S. and a holiday flow date was involved, prices rose in most of the cash market Tuesday. A few points that were flat to down about 15 cents extended a recent trend of mixed price movement nearly every day.
Prices Realize Improbable Gains at Virtually All Points
Although continuing moderate weather almost everywhere outside the mountain areas of the West and bearish expectations of another subpar storage pull made it seem unlikely, the cash market achieved gains Wednesday at all but two points. One source could only speculate that there must have been some storage-futures spread purchases in play because he saw little serious heating load for Thursday except in parts of the West, Upper Plains and northern New England.