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July 10th, 2012

Market Summary Released for July 09, 2012

by Tobias Grindal, Energy Analyst

Last week was a four-day trading week because of the U.S. Independence Day holiday. Anticipated interest rate cuts by the European Central Bank and the Bank of England drove oil prices upward at the start of the week, but the implemented monetary policy caused oil to fall later in the week as the euro weakened to a two-year low against the dollar. The disappointing jobs report released by the Labor Department on Friday weighed heavily on all markets, and crude prices ended last week down slightly. Heating oil prices remained relatively unchanged last week, and natural gas prices moved down slightly as weather forecasts called for mostly normal temperatures beginning on July 11.

For the entire CES Market Summary, please see: http://www.competitive-energy.com/market-summary/CESMarketSummary_070912.pdf

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