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July 8th, 2013

Market Summary for the Week of July 1 - 5

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

Crude oil futures rose last week after Enbridge Inc. announced that it had closed three of its pipelines in Alberta after discovering a leak, and the Commerce Department revised Q1 GDP growth downward, suggesting to many that the Fed may continue with its stimulus plan. On a bearish note, the EIA storage report showed builds in crude, gasoline, and distillate stockpiles. Natural gas futures fell last week as forecasts for cooler-than-normal weather for much of the US at the start of July and a larger-than-expected storage injection combined to drive prices downward. The drop in prices was relatively large: the 12-month strip fell nearly 4.5%.

To view the complete Market Summary for the Week July 1 - 5, click here

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