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March 27th, 2012

CES Market Summary Released for March 27, 2012

by Michelle Tham, Director of Analytics

NYMEX crude oil vacillated last week, but by the end of the week prices were close to where they started, moving less than 1% downward. The crude market saw a mix of factors, including assurances by Saudi Arabia that it would increase production to keep crude oil prices "fair." There was continued speculation about another US-UK concerted release of strategic petroleum reserves last week in order to tackle climbing prices, but this ultimately failed to materialize. Natural gas fell almost 2% last week, continuing the bearish themes of this winter: warmer-than-normal forecasts combined with record high stocks for this time of year.

For the entire CES Market Summary, please see http://www.competitive-energy.com/market-summary/CESMarketSummary_032612.pdf

 

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