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Energy Market Review For December 4, 2012

The entire energy complex (along with all of the metals) weakened today, as the same stories continue to dominate trading. Weak manufacturing data (ISM data showed U.S. manufacturing slowed in November to a three year low on Monday) is stoking fears of eroding demand, while Middle East tensions partially offset demand concerns. However, given that debt talks in the US appear to be going nowhere, energy as a whole was down. House Republicans and the White House remain at odds in their efforts to avert the fiscal cliff with hope waning that the crises will be averted.

The Jan '13 WTI contract dropped $0.59 to 88.50 per bbl, while the Jan '13 Brent contract declined $1.08 to $109.84 per bbl. Natural gas shrank $0.052 to $3.539 per mmbtu (Jan '13 contract). The HOF13 contract was lower by $0.0552 to $3.0490, while the Jan '13 RBOB contract slid $0.0375 to $2.7236.

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Disclosure: We have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.