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July 25th, 2016

Market Summary for the Week of July 18 - July 22, 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 declined last week as production figures pointed to increased output from Iran, Iraq, and Russia. In addition, the US added 14 active oil rigs last week and domestic stocks are at a high for this time of year. Near-term natural gas contracts inched up last week while the contracts for 2017 and beyond fell slightly. Weather forecasts for August through October called for above-normal cooling demand, and weekly injections into storage continue to run below historical figures.

To view the complete Market Summary, click here.

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