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July 27th, 2015

Market Summary for the Week of July 20 - July 24, 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%

Prompt month WTI fell below the $50 mark last week as the potential for Iran adding to the international supply glut weighs on the market. Domestic stocks climbed unexpectedly, and Baker Hughes reported that active oil rigs rose by 21. Natural gas futures capped their largest weekly decline since May on signs of growing supply and easing demand. Gas deliveries to power generators rose to 36.3 Bcf on Monday, which was the most gas delivered in a day in two years.

To view the complete Market Summary, click here.

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