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June 19th, 2017

Market Summary for Week of June 12 - 16, 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 saw a weekly loss for the fourth straight week. The Wednesday EIA report drove prices down and commanded the market movement for the week; low gasoline demand is allowing stocks to build at a time of year when they are expected to fall. Natural gas prices were relatively unchanged last week following mixed market movement but have dropped dramatically this morning. Recent mild weather and mixed forecasts indicate that the supply surplus could remain intact through the summer.

To view the complete Market Summary, click here.

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