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November 5th, 2012

Market Summary Released for November 5, 2012

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Crude oil, heating oil, and natural gas all saw a decline last week. Crude prices fell on Monday as the East Coast braced for the arrival of Hurricane Sandy and then rose through Thursday as the impact of the superstorm dissipated. Prices fell markedly on Friday as several refineries had yet to resume normal operations because of hurricane-related disruptions. The significant demand destruction accompanying Hurricane Sandy, which left millions on the East Coast without power, coupled with near-term forecasts calling for normal to above-normal temperatures led to large declines in the price of natural gas futures last week. The EIA's storage report was bullish last week despite stocks reaching an all-time high.

For the complete CES Market Summary, please see CES Market Summary for November 5, 2012.

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