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April 30th, 2018

Market Summary for Week of April 23 - 27, 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%

WTI was steady last week while Brent rose slightly. All eyes are on whether President Trump recertifies Iran’s compliance with the nuclear deal, a decision that must be made by May 12. Otherwise, economic sanctions will be reinstated against Iran, including its oil. Natural gas prices remain in a narrow trading range as late-season heating demand recedes. Storage stands at a 29% deficit to the 5-year average but is expected refill quickly through the summer as record-high production continues to climb.

To view the complete Market Summary, click here.

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