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July 7th, 2014

Market Summary for the Week of June 30 - July 4, 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.

Both WTI and Brent came down during the shortened holiday week. The bearish effects of positive news regarding production from Iraq and Libya continue to drive pricing, with last week’s EIA report having only a brief bullish effect on the market. Natural gas prices rose at the start of the week on forecasts for warmer weather, then dropped on speculation that Thursday's EIA report would bring news of an eighth consecutive triple-digit gain. Prices rose on Thursday despite a 100 Bcf gain, as cooling demand is starting to limit injections, even though production is increasing.

To view the complete Market Summary, click here.

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