Thermals and up drafts are definitely a force to be reckoned with and may vary well go hand in hand with light refraction in the case you're seeing, large body of water can do some crazy things to our perspective. From the thermal standpoint, skydiving and being under canopy while gliding over different surfaces, has giving me an incredible appreciation for up drafts, especially regarding the potential influences on ELR trajectories. Just like winds, it's kind of that balance of intensity and duration of force. I've found that understanding fluid mechanics in relation to the terrain at hand is huge part of being successful. The two roads to achieving success, mainly stem from focusing efforts on being very familiar with one specific area or diversifying that exposure across a variety of terrain and conditions.
The later method is what I chose for Ko2M in 2018, where my team placed two shooters in the top 10, even though I had never been on that range before. If I remember correctly day one and two had some significant up drafts, that took a lot of "experienced" shooters by surprise. I don't mean to discredit them but only to pause on what that experience actually is, example David Tubb would probably take my lunch money every day of the week on a high-power range but come to arid high mountain terrain, I feel right at home. My point is its easy to become very confidant in a particular location given enough time but when you take that experience and attempt to apply that data of limited diversity to a different problem, its no longer predictive to the same degree.