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July 10th, 2017

Market Summary for Week of July 3 - 7, 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%

Crude oil prices fell last week, declining each day after the July 4th holiday. Exports from OPEC countries continued to increase for a second month, and domestic production gained by 88,000 barrels per day. Natural gas prices fell last week amid forecasts for mild weather through mid-July. Last week’s storage gain was larger than average and muted cooling demand could bring strong gains in the coming weeks, expanding the storage surplus.

To view the complete Market Summary, click here.

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