With Gulf of Mexico (GOM) production starting to ramp up again after Hurricane Dennis proved to be just as much a hit-and-run storm as predecessors Arlene and Cindy (see related story), traders sent prices lower, mostly by substantial amounts, at nearly all eastern points Monday. The West was more of a mixed bag, with several instances of flatness bracketed by gains as large as nearly 20 cents and losses of up to about 20 cents.
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Screen, Western Power Demand Push Prices Higher
The early May aftermarket is shaping up as typical of itspredecessors in the new millennium: showing remarkable strengthdespite a general lack of fundamental support. Only in the West,where a combination of hot weather and nuclear outages sent powerprices spiking, did sources see anything besides a sharp rise onthe futures screen to account for Monday’s cash upticks.
May 2, 2000
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