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April 11th, 2016

Market Summary for the Week of April 4 - 8, 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%

Crude oil prices climbed last week, erasing the losses from the week ended April 1. WTI jumped Wednesday and Friday as the EIA reported a larger-than-projected drop in US crude stocks and Baker Hughes reported that oil rigs fell by 8. Natural gas futures rose 1.7% last week as forecasts called for below-average temperatures in the Northeast. The EIA reported a larger-thanexpected storage injection for the week ended April 1, increasing the record supply glut to over 54% above average.

To view the complete Market Summary, click here.

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