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October 8th, 2012

Market Summary Released for October 8, 2012

by Tobias Grindal, Energy Analyst

Crude oil futures were volatile last week – the November contract fell $3.75 on Wednesday and rose by nearly the same amount on Thursday – before ending the week down two percent. Geopolitical factors, specifically escalating tension between Syria and Turkey, were outweighed by fundamental ones, most notably a 15-year high in crude production in the U.S. A modest week-to-week increase in natural gas futures also masked some significant price volatility – the November contract rose more than 21 cents on Monday and Tuesday before dropping 13.6 cents on Wednesday – as forecasts for below-normal temperatures in the Eastern half of the U.S. were revised upward later in the week.

For the entire CES Market Summary, please see: October 8, 2012.

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