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May 31st, 2016

Market Summary for the Week of May 23 - 27, 2016

by Michelle Tham, Director of Analytics

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 rose for the third consecutive week; the prompt month WTI contract briefly rose above $50 a barrel in intraday trading on Thursday before retreating. Falling domestic production rates and supply disruptions from Canada, Nigeria, and Libya are boosting prices. Near-term natural gas futures slipped while the outer months gained last week. The July and August natural gas contracts fell as forecasts turned cooler for the first week of June, which could limit seasonal cooling demand. Natural gas futures are in steep contango, especially for the near-term summer contracts. 

To view the complete Market Summary, click here.

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