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August 31st, 2015

Market Summary for the Week of August 24 - August 28, 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 climbed last week, with the prompt month jumping $6.62 per barrel over Thursday and Friday alone. The Commerce Department revised its second quarter GDP growth rate to 3.7 percent, boosting crude oil prices. Natural gas futures advanced slightly last week; temperatures have been mostly above average since mid-July and storage injections have been above average for six of the last eight weeks, keeping prices within a 40 cent range over the past three months.

To view the complete Market Summary, click here.

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