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August 4th, 2014

Market Summary for the Week of July 28 - August 1, 2014

by Meghan Nee and Michelle Tham, Analysts

Synopsis of Last Week's Energy Markets

WTI traded within a very narrow band last week, and prices ended the week very close to where they began. Even the EIA crude oil 
storage report failed to move the market, despite showing a decline at Cushing, Oklahoma, and a higher-than-projected drop in 
total US stocks. Natural gas prices rose each day last week on forecasts for above average temperatures across most of the lower 48 
states, even though the EIA reported a gain above estimated. The July contract rose 17 cents over the course of the week as 
injections are predicted to decline from this point forward, given the onset of cooling demand.

Both WTI and Brent crude fell last week. Domestically, reduced demand for crude products and a refinery fire in Kansas pushed prices down. International news was bullish, with abundant geopolitical risk in the Mideast and Africa. Natural gas futures fluctuated last week as mild weather continues to put downward pressure on prices, but increased gas deliveries to electricity generators have pushed prices up. Power plants have been switching to gas over coal due to favorable pricing, lowering the latest storage injection to less than expected.

To view the complete Market Summary, click here.

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