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July 17th, 2017

Market Summary for Week of July 10 - 14, 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%

Bullish fundamentals boosted crude oil prices last week. Both domestic and international agencies raised projections for 2017 global crude demand, and U.S. crude stocks dropped precipitously the prior week. Natural gas prices rose last week as the storage surplus continued to narrow despite recent mild weather. The surplus has fallen to 6.2% to the 5-year average and could weaken if forecasts for widespread heat waves materialize in late July.

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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.

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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.

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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.

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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.

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