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August 17th, 2015

Market Summary for the Week of August 10 - August 14, 2015

by Meghan Nee and Michelle Tham, Analysts

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%

Oil fluctuated last week but ended on a loss for the seventh straight week. In what is now a familiar refrain, high levels of global and domestic output coupled with uncertain demand are keeping a cap on prices. Natural gas futures rose slightly last week as steep losses on Thursday nearly eliminated gains from every other day last week. Futures rose on forecasted heat and fell in response to the first above-estimated storage report in four weeks.

To view the complete Market Summary, click here.

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