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September 24th, 2012

Market Summary Released for September 24, 2012

by Tobias Grindal, Energy Analyst

Oil futures were down significantly last week after Saudi Arabia was said to be ramping up production in an effort to reduce world oil prices, the Energy Department reported that U.S. crude inventories swelled by more than 8 million barrels, and the Labor Department reported an above-forecast jobless claims figure. A surge in trading volume on Monday caused prices to fall over $3 in one minute in what many think was an automated, algorithm-based trading event. Natural gas futures fell for the first three days last week following forecasts for cooler weather before rising on Thursday and Friday after the Energy Department reported a smaller-than-normal stockpile increase.

For the entire CES Market Summary, please see: September 24, 2012.

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