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October 14th, 2013

Market Summary for the Week of October 7 - October 14, 2013

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil vacillated in response to the likelihood that Congress and President Obama would reach a deal to raise the debt ceiling and avoid a government default on October 17; by the end of the week the four nearest-term contracts saw a weekly  loss, while the outer-month contracts climbed.  The November 2013 contract has fallen $7.50 per barrel since September 6, the height of US tensions with Syria. Natural gas rose four out of five days last week on forecasts for above-normal cooling demand in the Southeast and a cold front moving over the central US in the next 6 to 10 days. Furthermore, about half of the gas production capacity in the Gulf of Mexico had shut down ahead of Tropical Storm Karen.

To view the complete Market Summary, click here.

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