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June 27th, 2016

Market Summary for the Week of June 20 - June 24, 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 for a second straight week as Great Britain's surprise vote to exit the European Union sent shockwaves through global markets. Brent and WTI tumbled on concerns that global crude demand will be impacted by economic instability. Natural gas prices saw a small gain last week as a heat wave in the Southwest drove up air conditioning demand. Although gas stocks are at a surplus to the five-year average, increasing reliance on the fuel for power generation is boosting gas prices.  

To view the complete Market Summary, click here.

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