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May 8th, 2012

CES Market Summary Released for May 7, 2012

by Michelle Tham, Director of Analytics

After climbing for two weeks, crude oil and heating oil both saw a big slide last week. Prompt month crude fell below $99 on Friday for the first time since February.  The most significant bearish factors were concerns that Eurozone member states were falling into another recession and the Labor Department’s report which showed lower-than-expected gains in U.S. jobs over the previous week.  Despite the economic news, natural gas rose for the second consecutive week on forecasts for cold weather lingering in the East through mid-May, although those forecasts were subsequently revised to show seasonally-normal weather.

For the entire CES Market Summary, please see:  www.competitive-energy.com/market-summary/CESMarketSummary_050712.pdf

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