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April 23rd, 2018

Market Summary for Week of April 16 - 20, 2018

by Kelsey Berger and Michelle Tham, Energy 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 saw a second straight week of gains, climbing as OPEC’s production cuts have brought global stocks back to average levels. Uncertainty as to whether President Trump will recertify the Iran nuclear deal in three weeks also boosted prices. Natural gas prices saw little change week-over-week. Storage levels have fallen to a 26% deficit to the 5-year average, but strong production is expected to refill inventories quickly as heating demand dissipates.

To view the complete Market Summary, click here.

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