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July 13th, 2015

Market Summary for the Week of July 6 - July 10, 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%

Crude oil prices slid last week, with the August contract tumbling more than $5 over three days. The global supply glut remains, and economic instability in Europe is causing concerns of slumping global demand. Natural gas fell during the first half of the week on forecasts for seasonal temperatures for most of the US. Prices rose as forecasts turned warmer, but futures ultimately capped a week of declines due to losses in the beginning of the week.

To view the complete Market Summary, click here.

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