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April 27th, 2015

Market Summary for the Week of April 20 - April 24, 2015

by Meghan Nee and Michelle Tham, 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%

WTI held on to gains made since mid-March, while Brent continued to climb. WTI prices are being bolstered by a falling rig count and stagnating production rates, while Brent prices are responding to the conflict in Yemen. Natural gas futures fell last week in response to another above-average and above-estimated storage injection. Power plants are expected to use a record amount of natural gas this year as prices remain low and coal-fired generation comes offline.

To view the complete Market Summary, click here.

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