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August 7th, 2017

Market Summary for Week of July 31 - August 4, 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 vacillated last week. US production continues to rise, and OPEC production rose in July. On the bullish side, the trend in increasing US oil rigs appears to be slowing and OPEC and other producers are meeting this week to discuss compliance with production cuts. Natural gas prices fell last week as forecasts for mild weather across the central U.S. weakened expectations for cooling demand through mid-August. The EIA reported a lower-than-average storage injection, bringing the surplus to 3% to the 5-year average.

To view the complete Market Summary, click here.

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