March 20-21, 2026, the price of '3°C' surged from 24.5c to 37.5c, indicating capital rotating out of the extreme '5°C or higher' bucket but incorrectly settling on a moderately warm median, rather than fully correcting to the forecasted cold range.
March 20-21, 2026, '5°C or higher' fell from 26c to 16c, continuing its previous crash, reflecting the market's growing realization that extreme warmth (>5°C) is unlikely.
March 20-21, 2026, '4°C' remained elevated at 25c after volatility, showing the market is still hedging for 'slightly warmer' outcomes in the absence of conviction regarding the cold front's intensity.