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July 3rd, 2012

CES Market Summary Released for July 3, 2012

by Michelle Tham, Director of Analytics

Crude oil was steady for the first half of the week, but then saw major volatility on Thursday and Friday. A 9% jump on Friday for the prompt month pushed the week up to a 6.5% increase overall. The debt crisis in the European Union has kept a ceiling on global crude prices so far this year, but decisive actions by EU leaders boosted world markets on Friday.

Natural gas was less volatile. Once again, gas prices were extremely sensitive to warmer-than-normal forecasts as low prices have increased its use in electricity generation in the US. In fact, the EIA reported that the proportion of generation from gas achieved parity with coal in April for the first time on record.

For the entire CES Market Summary, please see:  http://www.competitive-energy.com/market-summary/CESMarketSummary_070212.pdf

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