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July 14th, 2014

Market Summary for the Week of July 7 - July 11, 2014

by Meghan Nee and Michelle Tham, Analysts

Synopsis of Last Week's Energy Markets

WTI traded within a very narrow band last week, and prices ended the week very close to where they began. Even the EIA crude oil 
storage report failed to move the market, despite showing a decline at Cushing, Oklahoma, and a higher-than-projected drop in 
total US stocks. Natural gas prices rose each day last week on forecasts for above average temperatures across most of the lower 48 
states, even though the EIA reported a gain above estimated. The July contract rose 17 cents over the course of the week as 
injections are predicted to decline from this point forward, given the onset of cooling demand.

WTI and Brent both saw a third consecutive week of decline, with the WTI prompt month price falling $6 per barrel over this period. The ISIS offensive in Northern Iraq has had little impact on crude oil production, and the EIA reported a gain in stocks at Cushing, Oklahoma. Natural gas futures fell to a six month low last week as moderate cooling demand and subsiding concerns about winter gas storage levels continued to put downward pressure on prices. Futures fell Monday through Thursday, but increased on Friday on the outlook for warmer temperatures this week.

To view the complete Market Summary, click here.

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