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July 6th, 2015

Market Summary for the Week of June 29 - July 3, 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 tumbled last week and into Monday morning, reaching three-month lows for the August contract. Brent was steady last week but falling Monday after Greece voted down severe austerity measures as a bailout condition from its creditors. Natural gas futures rose last week in response to a below-average storage report. However, the total gain since the start of the injection season in April still remains higher than the respective total from 2014, and 2015 production continues to grow.

To view the complete Market Summary, click here.

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