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May 16th, 2016

Market Summary for the Week of May 9 - 13, 2016

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%

Crude oil climbed last week as the wildfires in Alberta pulled production offline and militant strikes curbed output from Nigeria. The International Energy Agency projected that the global supply glut will wane in the second half of 2016. Natural gas futures capped a second consecutive weekly decline as mixed temperatures are forecasted to limit both heating and cooling demand. The EIA increased its total storage estimate for the end of the injection season despite recent below-average inventory gains.

To view the complete Market Summary, click here.

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