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May 2nd, 2016

Market Summary for the Week of April 25 - 29, 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 jumped last week, continuing a streak that now consists of four weekly gains. Gasoline demand is up from last year while domestic production continues to fall. A drop in the dollar index is also impacting crude prices. Natural gas futures were down last week until a pipeline explosion in Pennsylvania lifted pricing on Friday. Prices climbed 11% in April as US natural gas production fell and is expected to continue to decline through May. Storage levels remain 48% above average.

To view the complete Market Summary, click here.

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