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May 22nd, 2012

CES Market Summary Released for May 21, 2012

by Michelle Tham, Director of Analytics

Crude oil continued its tumble last week, with the prompt month having fallen 13% over the past three weeks. Although there were some positive signals on the domestic economy, the bearish factors overwhelmed the bullish ones. Uncertainty in the euro zone, particularly with Greece and Spain, weighed heavily on the euro while domestic crude stocks continue to grow. In addition, Saudi Arabia signaled that it thought current prices were too high. Natural gas, on the other hand, was much more bullish than oil. Gas prices climbed for the fourth week in a row as the shoulder season wraps up and demand for air conditioning rises.

For the entire CES Market Summary, please see: http://www.competitive-energy.com/market-summary/CESMarketSummary_052112.pdf

 

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