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July 17th, 2012

Market Summary Released for July 16, 2012

by Michelle Tham, Director of Analytics

Crude oil, heating oil, and natural gas all followed the same trend last week, climbing every day except Tuesday. Crude oil saw another week of volatility due the retaliatory fallout from the sanctions against Iran. Furthermore, the EIA reported a drawdown in crude stocks as refineries operated at 92.7% of capacity. Gas rose for the second consecutive week on forecasts of a heat wave blanketing the nation from mid- to late-July, increasing the demand for electricity. The number of operational rigs continued its downward trend, and gas production may decrease in the coming months as result.

For the entire CES Market Summary, please see:  http://www.competitive-energy.com/market-summary/CESMarketSummary_071612.pdf

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