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May 20th, 2013

CES Market Summary for the Week of May 13 - 17

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Crude oil futures slid for the first two days last week, before climbing the final three to end up 0.2% for the week. The market moved on a variety of factors: equities surged, the EIA’s storage report showed an unexpected decrease in inventories, and OPEC reported increased production for April. Additionally, the Brent-WTI spread widened to $8.35 a barrel. Natural gas prices rose four out of five days last week as forecasts for warm weather buoyed prices early in the week. Prices dipped on Thursday following a larger-than-expected stockpile injection, but rebounded on Friday after the Energy Department gave conditional approval for a liquefied natural gas export project in Freeport, Texas.

To view the complete Market Summary for the week May 13 - 17 , click here

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