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August 3rd, 2015

Market Summary for the Week of July 27 - July 31, 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 for September fell for the seventh straight week and Brent fell for a fifth week. A rout in China’s stock market caused concern about demand at a time when global supplies are already at a surplus. Natural gas prices fell last week as storage injections continue to outpace the five-year average. Futures fell 4.1% in July, which is the largest monthly decline since January.

To view the complete Market Summary, click here.

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