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June 23rd, 2014

Market Summary for the Week of June 16 - 20, 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.

Brent rose to a nine-month high last week as the Iraq situation continues to deteriorate. WTI was steady for July while the outer months rose. According to the EIA, crude stockpiles in the US slipped for the third week in a row, despite a gain in supplies at Cushing, Oklahoma for the first time in ten weeks. Natural gas prices fell last week on speculation that easing heat will limit cooling demand and continue to give way to above average inventory gains. On Thursday, the EIA reported a gain above 100 Bcf for the sixth consecutive week—a first in EIA report history.

To view the complete Market Summary, click here.

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