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June 8th, 2015

Market Summary for the Week of June 1 - June 5, 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 fell last week due to steep losses on Wednesday and Thursday. As expected, OPEC states decided to maintain current quotas rather than cut production in response to falling prices and a global supply glut. Natural gas futures capped a third consecutive weekly decline in response to the largest reported storage injection in 12 years. The EIA reported a 132 Bcf inventory gain for the week ended May 29, eliminating the deficit to the five-year average.

To view the complete Market Summary, click here.

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