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August 14th, 2017

Market Summary for Week of August 7 - 11, 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 finished down last week as the market resisted the $50 mark for prompt month WTI. An OPEC meeting resulted in a “recommitment” to the cuts, which did not impact the market. Domestically, crude stocks saw an unexpectedly large drop. Natural gas prices climbed from five-month lows as forecasts released last week showed warming trends through mid-August. Inventory surplus has tightened to 2% to the 5-year average as injections continue to fall short of typical gains for mid-late summer.

To view the complete Market Summary, click here.

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