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April 10th, 2017

Market Summary for the Week of April 3 - 7, 2017

by Kelsey Berger and Michelle Tham, Energy 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%

Oil prices climbed for the second straight week despite record high storage levels in the US and robust domestic production. OPEC and Russia continue to push speculation of an extension of the joint production cuts, and the airstrike in Syria also boosted crude oil. Natural gas prices rose last week as forecasts of rising exports and cooling demand amid relatively low production indicate that storage could tighten this summer. Thursday’s EIA report signaled a slightly early start to the injection season as cold weather retreats.

To view the complete Market Summary, click here.

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