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June 1st, 2015

Market Summary for the Week of May 25 - May 29, 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 and Brent saw weekly gains due to a rally on Friday that erased losses from Tuesday and Wednesday. Oil prices fell on expectations that OPEC will maintain current production quotas, but responded accordingly after Baker Hughes reported a double-digit drop in the rig count. Natural gas futures capped a second-consecutive weekly decline as forecasts called for mild June temperatures and the EIA reported an above-estimated storage injection. The July contract ended the week at a one-month low.

To view the complete Market Summary, click here.

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