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August 24th, 2015

Market Summary for the Week of August 17 - August 21, 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%

WTI and Brent continued to fall last week, with prompt month WTI dipping briefly below $40 on Friday for the first time since 2009. The EIA reported an unexpected rise in crude oil stocks, and the Baker Hughes Rig Count rose for the fifth straight week. Natural gas futures fell last week as temperatures for the remainder of August are expected to be moderate. Inventory levels are 2.7% above average, and storage gains are expected to grow in the coming weeks as summer heat fades.

To view the complete Market Summary, click here.

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