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June 29th, 2015

Market Summary for the Week of June 22 - June 26, 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%

WTI for August fell last week as global and domestic inventories remain high and domestic production remains close to record levels. Brent rose slightly last week but was trading below $62 per barrel on Monday. Natural gas futures fell last week, despite news of the first below-average storage report of the injection season. Below-average temperatures are expected to limit cooling demand through the first week of July.

To view the complete Market Summary, click here.

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