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August 15th, 2016

Market Summary for the Week of August 8 - 12, 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 traded up last week. OPEC members, including Saudi Arabia, once again floated the idea of a joint production rate freeze in response to oil prices having trended down since early June. Natural gas prices slid last week, falling for six straight days between August 4 and August 11. Peak demand for air conditioning is expected to be over, allowing for gas stocks to build before the start of the heating season.

To view the complete Market Summary, click here.

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