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May 30th, 2012

CES Market Summary Released for May 30, 2012

by Tobias Grindal, Energy Analyst

Crude oil prices ended the week down slightly as ongoing sovereign debt issues in Europe, which might cause Greece to leave the Euro area, and increasing crude stockpiles in the U.S. weighed heavily on the market.  Bullish factors included a two-day meeting between UN representatives and Iran which failed to produce any binding pledges about Iran’s nuclear program, and a report which showed U.S. consumer confidence at a five-year high. Natural gas futures rose on Tuesday and Wednesday but fell every other day last week as another large storage injection increased speculation that burgeoning power plant demand may not be enough to prevent stockpiles from approaching capacity this fall.

For the entire CES Market Summary, please see:

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