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July 20th, 2015

Market Summary for the Week of July 13 - July 17, 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 faced another bearish week. The August WTI contract has fallen from the $60 mark to $50 over the past five weeks. Iran and an international coalition reached an agreement regarding its nuclear program, potentially adding to the current supply glut. Natural gas capped a weekly gain on speculation that above-average temperatures will increase cooling demand from power plants. New England could experience its highest level of cooling demand so far this summer during Monday afternoon.

To view the complete Market Summary, click here.

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