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August 10th, 2015

Market Summary for the Week of August 3 - August 7, 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%

Crude oil fell four out of the five trading days last week as fundamentals continue to point toward a global and domestic supply glut. US refineries processed crude at record rates last week ahead of maintenance scheduled for the fall. Natural gas futures rose last week as forecasts called for above-average temperatures and the EIA reported a smaller-than-expected storage gain. 2015 total injections are trailing behind year-earlier gains, but production continues to grow.

To view the complete Market Summary, click here.

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