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April 20th, 2015

Market Summary for the Week of April 13 - April 17, 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 and Brent both moved up dramatically last week, particularly on Wednesday and Thursday. The EIA reported that stocks gained only 1.3 million barrels, less than half of projections, and domestic production fell. Natural gas futures rose from a 34-month low last week as gas deliveries to power plants increased demand. At the $2.50 per MMBtu price mark, natural gas is more affordable than most coal in the US.

To view the complete Market Summary, click here.

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