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June 22nd, 2015

Market Summary for the Week of June 15 - June 19, 2015

by Meghan Nee and Michelle Tham, 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%

WTI and Brent saw little movement last week. Crude supplies at Cushing rose for the first time since April, while the rig count continued to fall. Internationally, the supply glut shows no sign of easing, and the potential for a Greek default could result in recession for parts of the euro zone. Natural gas futures rose 2.4% last week for a second-consecutive weekly gain. Losses on Wednesday and Thursday almost erased Monday and Tuesday’s gains, but a smaller-than-estimated storage report ultimately drove futures up on Friday.

To view the complete Market Summary, click here.

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