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July 15th, 2013

Market Summary for the Week of July 8 - 12

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Crude oil futures rose last week after the EIA storage report showed that crude supplies in the US fell 9.87 million barrels the previous week as refineries operated at 92.4 percent of capacity, the highest level of the year. According to the EIA, the decrease in crude stockpiles over the last two weeks is the largest since 1982. Natural gas futures rose three days last week to end the week up around one percent. The EIA storage report showed an expectations-matching 82 million Bcf injection, which had a bearish effect on the market. This was the sixth consecutive week of above-average natural gas inventory gains.

To view the complete Market Summary for the Week July 8 - 12, click here

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