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May 6th, 2013

CES Market Summary for the Week of April 29 - May 3

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Crude oil futures rose for a second straight week after the European Central Bank lowered its main interest rate, the Federal Reserve decided to continue its bond-buying program, and the Labor Department released a better-than-expected jobs report. However, the EIA reported a supply gain of 6.7 million barrels the previous week, and crude stockpiles are now at their highest level in 82 years. Natural gas fell three out of five days last week, including a tumble on Thursday. June 2013, the prompt month contract, has fallen 9 percent over the past two weeks as the shoulder season finally sets in. Weather forecasts are having a muted effect on prices, while the EIA’s bearish storage report helped to move gas prices down 7 percent in one day.

To view the complete Market Summary for the week April 29 - May 3, click here




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