Even having achieved hurricane status, Irene proved to have nomore “hype” for gas prices left in it. Cash quotes Thursday fell adime or more at most eastern points and a little bit less in theWest. Gulf Coast numbers tended to drop a nickel or so from theirearly morning highs, one trader said. That resulted in the anomalyof him getting identical $2.67 pricing for an early sale inTennessee Zone 0 (South Texas) and a late sale at Transco Station65 (South Louisiana).

To most sources, it was the deadweight of a 15-cent screendecline that dragged cash numbers lower. “The market was a littleoverheated earlier this week,” said a Texas marketer, “so I wouldagree with any buyers who want to call [Thursday’s] retreat a’correction’.” He and others looked for prices to be softer againtoday.

As of 5 p.m. EDT the eye of Hurricane Irene was just east ofHavana, Cuba, according to the National Weather Service. It wasmoving north-northeastward but a gradual turn to the north wasexpected by NWS, which would put the storm over or near the FloridaKeys today. Mobile Bay producers were on alert, but pipelines theresaid Thursday they were unaware of any production cuts or personnelevacuations.

The West’s milder declines chiefly were due to power generationload remaining strong in the region, one trader said. However,although high temperatures in Northern California are “hanging inthere” through today, he added, they should be tailing off over theweekend.

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