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June 19th, 2012

Market Summary Released for June 18, 2012

by Michelle Tham, Director of Analytics

Crude oil and heating oil inched downward last week. The global and domestic economies are still the dominant factors, and both faltered last week. Claims for unemployment in the U.S. rose, and the euro zone extended an aid package to Spanish banks, leading analysts to speculate that the central banks of several nations may begin talk of stimulus packages to bolster banks and encourage lending. On the bullish side, an OPEC meeting resulted in the decision to retain current production limits and rein in member states that are producing over their quotas. Meanwhile, the natural gas market went in the opposite direction. Varying weather forecasts for late June caused some movement in prices at the start of the week, but Thursday\'s EIA report caused the near-term months to surge, capping the week with a large gain.

For the entire CES Market Summary, please see: http://www.competitive-energy.com/market-summary/CESMarketSummary_061812.pdf

 

 

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