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December 9th, 2013

Market Summary for the Week of December 2 - December 6, 2013

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil prices climbed every day last week, with the prompt month seeing a $2 jump on Tuesday alone. TransCanada Corp. announced that the southern segment of the Keystone XL project would begin transporting crude from the Cushing, Oklahoma, hub to refineries on the Gulf Coast next month. Furthermore, the EIA storage report showed the first drop in crude stocks following ten weeks of gains and the Labor Department reported better-than-projected employment numbers. Natural gas prices started the week trending downward thanks to forecasts of milder temperatures arriving in mid-December. Prices rose sharply on Thursday after the EIA reported a decline in U.S. stockpiles of 162 billion cubic feet (BCF) during the previous week. The withdrawal is the largest November supply drop in EIA-recorded history and was due to a cold front ranging from Texas to the Northeast.

To view the complete Market Summary, click here.

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