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Gas average slips 1 cent in Phila. area

The five-county Philadelphia area is experiencing some relief - OK, 1 cent worth of relief - as the average for a gallon of regular no-lead slipped 1 cent overnight.

AAA Mid-Atlantic, which provided the prices, said the Philly-area average was $2.73 this morning.

South Jersey wouldn't budge, however: The average remained at $2.52, the same spot at which it finished last week.

The national average was down 2 cents over the weekend, to $2.66.

The diesel average was unchanged in Philly and its burbs ($3.04), while in South Jersey the average was down today by 1 cent, to $2.73.

The national diesel average remained at $2.83 over the weekend.

Meanwhile, oil and gasoline futures rose as a tropical storm heading into the Gulf of Mexico and the U.S. dollar both weakened.

Ida had been listed as a Category 1 hurricane until midmorning, a storm with the ability to take 1.3 million barrels of crude off the market.

Given the huge surplus in oil, natural gas and gasoline in storage, the reaction on the New York Mercantile Exchange where energy futures are traded appeared to be muted.

In fact, crude prices appeared more influenced by the dollar, rising quickly as the U.S. currency weakened against the euro. When the dollar slipped, crude prices edged higher Monday.

Investors holding euros or other strong currencies can buy more dollar-based crude when the U.S. currency falls, and that has sent prices higher throughout the year.

Benchmark crude for December delivery on Monday gained 3 percent, or $2.35, to $79.78 a barrel on the New York Mercantile Exchange.

Crude supplies are 7.62 percent higher than a year ago and gasoline in storage is up 7 percent, according to energy consultancy Cameron Hanover.

In other Nymex trading, heating oil rose 6.7 cents to $2.0706 a gallon. Gasoline for December delivery gained 7 cents to $9951 a gallon. Natural gas for December delivery lost 1.8 cents to $4.577 per 1,000 cubic feet. In London, Brent crude for December delivery rose $2.13 to $78 on the ICE Futures exchange.

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