“The market is tanking. That pretty well sums it all up in anutshell,” was how a Gulf Coast marketer characterized the pricesituation Wednesday. Only California, where a series of rollingblackouts began in the northern part of the state (see related story), failed to participate infurther price declines that were mostly between about a quarter and 50cents.
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May baseload prices were tanking on the last morning of tradingThursday, and May swing numbers for either the 1st only or 1st-4thwere “really pathetic,” as a Midcontinent marketer so delicatelyput it. The plunging June futures screen was an obvious drag oncash trading. The early weakness of the May aftermarket confoundedmany who in late April had been expecting incremental prices torise above bidweek levels.