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June 12th, 2017

Market Summary for Week of June 5 - 9, 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 came down last week. Prices tumbled on Wednesday after the EIA reported huge gains in crude oil, distillate, and gasoline stocks at a time in which summer driving should be drawing on stocks. Natural gas prices rose last week, recovering only a fraction of the previous week’s losses, ahead of this week’s heat wave. The EIA reported a triple-digit storage injection this week, the first since September 2015.

To view the complete Market Summary, click here.

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