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July 1st, 2013

Market Summary for the Week of June 24 - 28

by Michelle Tham, Director of Analytics

Crude oil futures rose last week after Enbridge Inc. announced that it had closed three of its pipelines in Alberta after discovering a leak, and the Commerce Department revised Q1 GDP growth downward, suggesting to many that the Fed may continue with its stimulus plan. On a bearish note, the EIA storage report showed builds in crude, gasoline, and distillate stockpiles. Natural gas futures fell last week as forecasts for cooler-than-normal weather for much of the US at the start of July and a larger-than-expected storage injection combined to drive prices downward. The drop in prices was relatively large: the 12-month strip fell nearly 4.5%.

To view the complete Market Summary for the Week June 24 - 28, click here

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