Although the pace of Atlantic tropical activity hastened rapidly over the weekend, the lack of menace to offshore production combined with generally moderate cooling load and the previous Friday’s 9.8-cent decline by September futures to produce losses at a modest majority of cash points Monday. However, price movement was mixed, with most gains concentrated in the Northeast, where above-normal highs in the low 90s remained in the forecast for Tuesday.
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As Expected, Cooling Trend Sends Weekend Prices Lower
With last week’s heat menace dissipating in key market areas and the generally lower demand of a weekend coming up, no one got caught by surprise when prices softened Friday by mostly double-digit amounts. A majority of declines were between a dime and 20 cents, with larger ones concentrated in California and a few Northeast citygates.
August 13, 2001