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May 11th, 2015

Market Summary for the Week of May 4 - May 8, 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 set a new peak for 2015 last week before settling at $59.39; Brent prices declined slightly. Near-term WTI prices increased on a bullish storage report and the positive economic outlook from Labor Department unemployment figures while Brent prices continue to respond to the conflict in Yemen and the pending Iranian nuclear agreement. Natural gas futures rose last week in response to above-average temperatures across the Northeast and Midwest. Thursday’s storage report brought news of the fifth-consecutive above-average injection, setting the pace for a record total gain for the month of May.

To view the complete Market Summary, click here.

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