Very informative article on the relationship between exercise and weight loss.
"Working out can have a significant effect on appetite. The mechanisms that control appetite and energy balance in the human body are elegantly calibrated. “The body aims for homeostasis,” Braun says. It likes to remain at whatever weight it’s used to. So even small changes in energy balance can produce rapid changes in certain hormones associated with appetite, particularly acylated ghrelin, which is known to increase the desire for food, as well as insulin and leptin, hormones that affect how the body burns fuel"