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April 6th, 2015

Market Summary for the Week of March 30 - April 3, 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 moved up last week while Brent fell. The crude oil market was dominated by the nuclear talks with Iran. An agreement was reached on Thursday, having a bearish impact on both products. However, WTI gained overall after domestic production rates fell. Natural gas futures climbed 4.7% last week as the EIA reported a larger-then-estimated storage withdrawal for the week ended March 27, but also capped a third-consecutive quarterly decline on Tuesday.

To view the complete Market Summary, click here.

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