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April 4th, 2016

Market Summary for the Week of March 28 - April 1, 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%

WTI tumbled last week; the May contract has fallen on all but two trading days in the past two weeks. WTI and Brent slid after Saudi Arabia indicated that it would not freeze production rates unless other major producers, particularly Iran, do so as well. Natural gas futures rose last week as forecasts called for a final burst of winter weather. The supply glut continues to grow to record levels while the natural gas rig count fell to a record low of 88 rigs.

To view the complete Market Summary, click here.

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