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July 3rd, 2017

Market Summary for Week of June 26 - 30, 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 rallied for seven days starting June 21 on signs that low crude prices are finally impacting domestic production. Production saw the large weekly drop in a year, and active oil rigs declined for the first time in six months. Natural gas prices rose 3% week-over-week as traders looked ahead to heat waves across the Eastern U.S. that could bolster cooling demand in early July. The storage surplus narrowed to 6.9% to the 5-year average.

To view the complete Market Summary, click here.

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