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August 8th, 2016

Market Summary for the Week of August 1 - 5, 2016

by Michelle Tham, Director of Analytics

Synopsis of Last Week's Energy Markets

WTI and Brent both continued to move downward last week, a general trend since late June. Both OPEC and the International 
Energy Agency lowered their 2015 global demand forecasts, and the EIA reported a forecast for a 1 million barrel increase in 
domestic production for 2015 over 2014 estimates. Natural gas prices capped a weekly gain last week on forecasts for lingering 
heat and on speculation that low gas prices will boost demand from electricity generators. Thursday's EIA storage report brought 
news of the largest gain in seven weeks, cutting the deficit to the five-year average levels to 14.2%

WTI prices declined early in the week, recovered these losses, and ended the week close to where they began. WTI temporarily fell below $40 on a rising US rig count and as international disruptions to crude production abated. Natural gas prices fell last week, reversing the gains from the previous week. Despite an extremely rare summer net withdrawal from gas stocks, the surplus to the 5-year average is at 16% as peak summer cooling demand is forecasted to be waning.

To view the complete Market Summary, click here.

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