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June 26th, 2012

CES Market Summary Released for June 26, 2012

by Tobias Grindal, Energy Analyst

Crude oil and heating oil prices ended the week down significantly as ongoing sovereign debt issues in Europe, increasing crude stockpiles in the U.S., and slumping manufacturing in the U.S., China, and Europe weighed heavily on the market.

On the bullish side, a low-pressure front in the Caribbean developed into tropical storm Debby at the end of the week, and threatened to move toward drilling rigs and production platforms. Meanwhile, warmer-than-normal temperatures, a declining storage surplus (relative to historical averages) and a reduction in the number of operating gas rigs led gas prices to rise last week.

For the entire CES Market Summary, please see:  http://www.competitive-energy.com/market-summary/CESMarketSummary_062512.pdf

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