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June 20th, 2016

Market Summary for the Week of June 13 - June 17, 2016

by Michelle Tham, Director of Analytics

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 came down last week, tumbling to a one-month low on Thursday before recouping some of these losses on Friday. The potential of the UK voting to exit the European Union weighed on global equities, and the US oil rig count saw a third consecutive increase. Natural gas prices were steady, with near-term contracts gaining on forecasts for a warmer-thannormal summer. The outer contracts declined as storage numbers still point to a historically significant amount of gas for this time of year. 

To view the complete Market Summary, click here.

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