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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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June 12th, 2017

Market Summary for Week of June 5 - 9, 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 came down last week. Prices tumbled on Wednesday after the EIA reported huge gains in crude oil, distillate, and gasoline stocks at a time in which summer driving should be drawing on stocks. Natural gas prices rose last week, recovering only a fraction of the previous week’s losses, ahead of this week’s heat wave. The EIA reported a triple-digit storage injection this week, the first since September 2015.

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June 5th, 2017

Market Summary for Week of May 29 - June 2, 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 slid over 4% in the four trading days last week on doubts that OPEC and Russia could do enough to rebalance the global glut in crude stocks as US production grows, reaching 6.5% over year-ago levels. Natural gas prices plummeted last week as a cool start to June is expected to curb any late-spring cooling demand and could allow the storage surplus to swell in the coming weeks. July futures slipped 9.4%, closing at $3 on Friday afternoon. 

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