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April 25th, 2016

Market Summary for the Week of April 18 - 22, 2016

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 climbed last week as US production decreased for a twelfth week out of the last thirteen. Internationally, a labor strike in Kuwait hampered production and output from Colombia fell 4% in March. Natural gas futures rose 13% last week as a cold start to April has kept storage injections below average, and as warmer-than-normal forecasts threaten an early start to the cooling season. The surplus to the five-year average storage levels has fallen for two consecutive weeks.

To view the complete Market Summary, click here.

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