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April 24th, 2017

Market Summary for Week of April 17 - 21, 2017

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 dramatically reversed course last week and fell more than 7% after having climbed for the prior 2 weeks. Rising US production pushed prices down, even as OPEC and other producers stoke speculation of an extension to the cuts. Natural gas prices also slipped last week as the spring demand lull persisted amid mild weather. The EIA reported a larger-thanusual inventory injection, bringing the storage surplus to 15.4% compared to the 5-year average.

To view the complete Market Summary, click here.

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