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June 26th, 2017

Market Summary for Week of June 19 - 23, 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 once again as estimates for the timeframe that global demand would outpace production was pushed out to mid-2018. Prompt month WTI dipped to a 10-month low on Wednesday. Natural gas prices fell 3.6% last week on forecasts of mild weather that could bring down heating demand through the end of June. The southeast saw diminished production and demand for generation as Tropical Storm Cindy made landfall.

To view the complete Market Summary, click here.

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