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June 15th, 2015

Market Summary for the Week of June 8 - June 12, 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%

Last week saw a small increase in the prices of WTI and Brent. The global supply glut shows no sign of easing as OPEC members continue to produce more than the quota. Domestically, oil rigs continue to decline and stocks saw a higher-than-projected decrease. Natural gas futures capped the largest weekly gain in six weeks as forecasts called for above-average temperatures. The EIA expects US production during July to be the most on record, and estimates that demand from power generators will grow 13.7% in 2015.

To view the complete Market Summary, click here.

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