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April 3rd, 2017

Market Summary for the Week of March 27 - 31, 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%

Crude oil prices rose dramatically last week, rallying from Tuesday through Friday. US crude stockpiles grew less than expected, while distillate and gasoline stockpiles fell precipitously. OPEC and other producers met in Kuwait, stoking speculation that the group may extend the production cuts. Natural gas prices rose last week as March cold brought a larger-than-average storage decline. Inventories are poised to end the injection season at a surplus to the average, but regional low temperatures could sustain some late heating demand.

To view the complete Market Summary, click here.

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