Trends

Despite overall warming trends, prices were mostly near flat but higher at a majority of points Wednesday as heating load continued to rise in a few areas. The previous day’s 3.7-cent gain by May futures had a small bullish effect on the cash market.

In spite of cooling trends in the South, Rockies and parts of the Midwest, prices fell at most points Tuesday. The modest addition of heating load and the previous day’s 6.7-cent increase by April futures were largely ineffective in countering overall bearish weather fundamentals.

With warming trends due to be under way Wednesday in some key market areas and seasonal to above-normal temperatures dominating the overall weather outlook, prices fell at nearly all points Tuesday. As on the day before, changes were generally small with few exceeding a dime except in the Northeast, where citygates tended to soften by amounts roughly similar to those by which they had risen on Monday.

Milder weather trends in the East combined with already moderate conditions in most of the West to drag cash prices lower at a large majority of points Thursday. The gain of 8.4 cents by March futures a day earlier had little impact in averting softness in most of the cash market.

Despite frigid weather remaining in several areas Friday, some isolated warming trends helped push cash prices lower at most points Thursday. The small decline by expiring February futures a day earlier and the fact that a weekend day was involved in Thursday’s deals were other bearish influences.

Spikes at Northeast citygates Tuesday didn’t get much company elsewhere in the firming category. Most points declined as moderating weather trends in the western half of the South, Midcontinent and Midwest limited overall heating load. The previous Friday’s 4.2-cent drop by February futures was another mildly negative factor for the cash market.

Prices dropped at nearly all points Tuesday as moderating weather trends were expected to continue in the South, Northeast, Rockies/Pacific Northwest and parts of the Midwest. A 4-cent decline by January futures a day earlier contributed a modest amount of bearishness to the cash market.

As sources had predicted, the cash market fell at most points Friday, pressured lower by warming trends in the Midwest, Midcontinent and South and by the January futures drop of 8.8 cents a day earlier. The usual weekend decline of industrial demand also was a factor in the overall softness.

Prices recorded strong gains across the board Monday as heating load remained plentiful despite warming trends in some areas such as the Midwest and sections of the South. Quotes also got modest support from industrial demand returning from its typical weekend decline.