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July 31st, 2012

Market Summary Released for July 31, 2012

by Tobias Grindal, Energy Analyst

Europe’s crumbling financial situation dominated oil market headlines again last week. Crude futures experienced the biggest front-month decrease of the year on Monday before climbing the rest of the week as concern about the soundness of Spanish debt and the ability of Greece to meet bailout obligations was partly allayed by comments from key officials that suggested the European Central Bank will take additional measures to curb the debt crisis. Heightened tension in Syria also contributed to higher prices. Warmer-than-normal weather in most of the U.S. continued to erode the natural gas inventory surplus last week, and near-term gas futures ended the week down while outer-term gas futures ended up.

For the entire CES Market Summary, please see: http://www.competitive-energy.com/market-summary/CESMarketSummary_073012.pdf

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