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July 24th, 2012

Market Summary Released for July 23, 2012

by Tobias Grindal, Energy Analyst

Crude oil and heating oil followed the same trend last week, climbing on Monday through Thursday before falling on Friday.  The EIA’s storage report showed that crude and gasoline inventories decreased the previous week, distillate inventories increased, and refinery utilization rates remained near five-year highs.  Geopolitical issues also played an important role. A suicide attack in Bulgaria, which left five Israeli tourists dead, raised the specter of Israeli-Iranian conflict, and an escalation of the conflict between the Syrian government and rebel groups added further questions about the stability of the Middle East. Gas ended the week up last week also. The prompt-month contract closed the week above $3 per MMBtu for the first time in six months as hotter-than-normal weather in the U.S. continues to erode the inventory surplus.

For the entire CES Market Summary, please see: http://www.competitive-energy.com/market-summary/CESMarketSummary_072312.pdf

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