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April 13th, 2015

Market Summary for the Week of April 6 - April 10, 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 moved up last week. An anticipated drop in domestic production rates failed to materialize as the EIA reported a large gain in storage and a rise in production. Internationally, Iran appeared to backtrack on a key accord reached on April 2 regarding its nuclear program. Natural gas futures fell to a near three-year low last week as the EIA reported a larger-than anticipated storage injection. Temperatures are expected to be average to above-average for most of the lower forty-eight states through April 24, reducing lingering heating demand.

To view the complete Market Summary, click here.

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