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May 26th, 2015

Market Summary for the Week of May 18 - May 22, 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 tumbled early last week, bringing the week to an overall decline. A global supply glut is still weighing down prices, and OPEC’s largest producers signaled that production would not be decreasing in the near-term. Natural gas futures fell last week on estimates for an above-average storage report and forecasts for milder weather which would limit cooling demand. Futures capped their first weekly decline since the end of April.

To view the complete Market Summary, click here.

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