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July 17th, 2017

Market Summary for Week of July 10 - 14, 2017

by Kelsey Berger and Michelle Tham, Energy 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%

Bullish fundamentals boosted crude oil prices last week. Both domestic and international agencies raised projections for 2017 global crude demand, and U.S. crude stocks dropped precipitously the prior week. Natural gas prices rose last week as the storage surplus continued to narrow despite recent mild weather. The surplus has fallen to 6.2% to the 5-year average and could weaken if forecasts for widespread heat waves materialize in late July.

To view the complete Market Summary, click here.

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