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December 2nd, 2013

Market Summary for the Week of November 25 - November 29, 2013

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Floor trading was closed on Thursday for both crude oil and natural gas in observance of the Thanksgiving holiday. Domestic crude oil prices moved down three out of the four trading days last week. International negotiations with Iran yielded an interim agreement on its nuclear program in return for a reduction in the economic sanctions instituted by western nations in mid-2012. WTI decreased over the week due to a strong storage report, while a declining euro contributed to Brent’s slide on Friday. Natural gas futures rose every day this week and are currently at a 5-month high thanks to a forecast of below-normal temperatures in most of the lower 48 US states. The 12-month strip closed on Friday at $3.98/MMBtu, a 3.8% increase over the previous week, as a modest withdrawal did little to prevent prices from rising.

To view the complete Market Summary, click here.

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