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August 29th, 2016

Market Summary for the Week of August 22 - 26, 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%

Crude oil came down last week due to large declines on Monday and Wednesday. Geopolitical situations affecting oil output from Nigeria and Iraq eased, while signals from OPEC members on a coordinated production freeze were mixed. Natural gas prices moved up every day last week. The EIA storage report showed that the surplus to the 5-year average level dropped to 11.7%, while a heat wave is forecasted for the eastern US in early September, boosting gas demand for electricity generation.

To view the complete Market Summary, click here.

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