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July 31st, 2017

Market Summary for Week of July 24 - 28, 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 rose to 2-month highs last week as US crude oil and gasoline inventories fell and domestic production and exploration appears to be slowing. The OPEC cuts are also finally having an impact on fundamentals, and the group will meet next to discuss tighter compliance. Natural gas futures rose and fell last week amid forecasts of a lower-than-average storage injection and mild weather that could allow for more substantial builds in the coming weeks. Prices had fallen only slightly by the end of the week but dropped dramatically Monday morning.

To view the complete Market Summary, click here.

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