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June 13th, 2012

Market Summary Released for June 11

by Tobias Grindal, Energy Analyst

After tumbling 8.4 percent the previous week, crude oil prices ended the week up slightly for their first weekly gain in six weeks. Concern about Europe’s ongoing sovereign debt crisis was tempered following announcements by key European public officials that the EU is willing to act to spur economic growth and improve banking cooperation.

The Energy Department reported that crude stockpiles declined last week after ten consecutive weeks of crude builds, and Federal Reserve Chairman Ben Bernanke warned Congress of the approaching “fiscal cliff” — a reference to the expiration of Bush-era tax cuts on Dec. 31 and the imposition of automatic spending reductions on Jan. 1. Natural gas prices remained relatively unchanged last week as the impact of forecasts for cooler-than-normal temperatures going into mid-June was offset by a higher-than-projected increase in gas stocks.

For the entire CES Market Summary, please see:

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