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June 11th, 2018

Market Summary for the Week of June 4 – June 8, 2018

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%

Crude oil prices were steady last week ahead amid climbing domestic stocks and production. OPEC’s next meeting is June 22, where the group will discuss Saudi Arabia and Russia’s proposal to ease the current production limits. Natural gas prices slipped 2.4% last week as cool weather along the East Coast suppressed regional demand. Storage remains at a 22% deficit to the 5-year average.

To view the complete Market Summary, click here.

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