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July 28th, 2014

Market Summary for the Week of July 21 - July 25, 2014

by Meghan Nee and Michelle Tham, Analysts

Synopsis of Last Week's Energy Markets

WTI traded within a very narrow band last week, and prices ended the week very close to where they began. Even the EIA crude oil 
storage report failed to move the market, despite showing a decline at Cushing, Oklahoma, and a higher-than-projected drop in 
total US stocks. Natural gas prices rose each day last week on forecasts for above average temperatures across most of the lower 48 
states, even though the EIA reported a gain above estimated. The July contract rose 17 cents over the course of the week as 
injections are predicted to decline from this point forward, given the onset of cooling demand.

Global crude oil prices rose to a two week high last week, as international tensions related to Ukraine continue to rise. WTI ended the week down 1% on speculation that refineries will use less crude as fuel supplies increase. The EIA reported that U.S. stockpiles have dropped to 371 million barrels—their lowest levels since November 2008. Natural gas prices capped a sixth straight week of declines, despite spiking on Thursday after the EIA reported a below-estimated inventory gain. The gain for the week ended July 18 was the fourteenth consecutive injection to outweigh the respective five year average gain.

To view the complete Market Summary, click here.

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