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June 30th, 2014

Market Summary for the Week of June 23 - 27, 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.

WTI prices fell slightly last week but have remained around $106 per barrel since June 13. Brent also declined as production reports suggested that the unrest in Iraq is not currently affecting oil supply. Domestically, crude supplies rose last week, despite a dip in production. Natural gas futures rose at the beginning of the week on speculation that above average temperatures would stoke heating demand and limit inventory gains, but fell Thursday and Friday to cap a weekly decline on news of the seventh consecutive triple-digit injection reported by the EIA.

To view the complete Market Summary, click here.

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