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November 26th, 2012

Market Summary Released for November 26, 2012

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil and heating oil crept up last week as tensions rose between Israel and Hamas-led Palestine. Although the parties reached a ceasefire agreement, violence along the Gaza border continued throughout the week. Demand for crude products rose, and the EIA reported that storage levels for all four petroleum categories declined over the previous week. Natural gas prices also saw a weekly gain. This was partially due to forecasts calling for a colder-than-normal December and also a large withdrawal of 38 Bcf from gas stocks. December forecasts were revised later in the week and are now showing above-normal temperatures.

For the entire CES Market Summary, please see: November 26, 2012.

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