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July 21st, 2014

Market Summary for the Week of July 14 - July 18, 2014

by Meghan Nee and Michelle Tham, Analysts

Synopsis of Last Week's Energy Markets

WTI traded within a very narrow band last week, and prices ended the week very close to where they began. Even the EIA crude oil 
storage report failed to move the market, despite showing a decline at Cushing, Oklahoma, and a higher-than-projected drop in 
total US stocks. Natural gas prices rose each day last week on forecasts for above average temperatures across most of the lower 48 
states, even though the EIA reported a gain above estimated. The July contract rose 17 cents over the course of the week as 
injections are predicted to decline from this point forward, given the onset of cooling demand.

Crude oil prices rose last week due to geopolitical turmoil in Gaza and Ukraine. In addition, a bullish EIA report showed that stockpiles were down 7.53 million barrels to a total of 375 million, while refineries were operating at their highest levels in nine years. Natural gas futures capped a fifth straight week of declines as mild weather and an above-estimated injection again eased the concern that winter inventory levels could fall short of demand. Prompt month prices fell below $4 per MMBtu last week for the first time in seven months.

To view the complete Market Summary, click here.

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