A much better week with all of the metrics pointing to the...

A much better week with all of the metrics pointing to the northeast pricewise. You'll note from the table below that the main driver of price is when sellers dry up. The sell side was very slim all week. As soon as the sellers disappear, combine with the bullish presentation on Monday - up goes the price. Imagine what some really firm and promising news about gas flow and hydrogen is going to do. And as discussed last week, I really like the idea of splitting the two companies.

Our machine traders are back, even though the slim volume doesn't help them. Take a look at the average Volume column (vol/trades) - you can see the day was spent pushing the price up using bot trades. When that volume avg trade size falls below 10,000 I find it's a useful indicator of the prevalence of bot trades. My guess is the machine trader had their fill and were pushing the price up, then sold into the buy line on Wednesday. We saw the bots pushing the price down on Thursday (although there was string buying earlier in the day) and my guess is they picked up a parcel again.

On Friday it all calmed down again, with one small buy trade in the closing auction pushing the price up. I'm not sure if that was a retail or machine buy (is was just over $1,000), but still, nice to see the weekly closing price and VWAP strongly up.