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November 25th, 2013

Market Summary for the Week of November 18 - November 22, 2013

by Tobias Grindal, Energy Analyst

Synopsis of Last Week's Energy Markets

Crude oil futures gained for the first time in seven weeks, although the increase was only 0.2 percent. WTI prices have remained steadily in the low $90s throughout November after peaking in early September.  The biggest market mover last week was the Labor Department’s unemployment report: the number of applications for benefits fell by 21,000 over the previous week, better than projections. Furthermore, analysts were pessimistic about the outcome of international negotiations with Iran regarding its nuclear enrichment program. Natural gas futures fell on Monday and Tuesday last week before rising three straight days, and the 12-month strip ended up 2.5 percent. Bullish factors included a larger-than-expected stockpile withdrawal and weather forecasts showing colder-than-normal temperatures for the eastern half of the US through the start of December.

To view the complete Market Summary, click here.

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