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October 28th, 2013

Market Summary for the Week of October 21 - October 25, 2013

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil and natural gas prices were both volatile last week as the EIA resumed its storage reports, releasing two weeks of data over the week. Crude prices saw a third consecutive weekly loss as both EIA reports were bearish for WTI. An increase in production and a slowdown in refinery rates have led to a net gain of 25 million barrels in storage over the past 5 weeks.  A rally in equities late in the week pared the decline.  Natural gas prices declined for the second week in a row. The storage report for the week ending October 11 was market-neutral, while the one for the week ended October 18 showed an above-average injection into inventories. Forecasts for a cold front in the last week of October boosted prices late in the week.

To view the complete Market Summary, click here.

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