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October 29th, 2012

Market Summary Released for October 29, 2012

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil, heating oil, and natural gas all saw a decline last week. Crude oil plummeted early last week on a mix of factors: the Keystone pipeline was restarted, equities were weak, and the EIA reported a gain of 5.9 million barrels of crude oil during the previous week. However, some of these losses were pared later in the week on positive numbers from the Labor Department and Commerce Department. Gas saw a second week of decline as nearterm forecasts called for below-normal heating demand. The EIA's storage report was bearish last week and gas supplies appear poised to set an alltime high at the end of the heating season due to record domestic production in 2012.

For the complete CES Market Summary, please see CES Market Summary for Oct 29, 2012

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