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May 1st, 2017

Market Summary for Week of April 24 - 28, 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 prices on the NYMEX continued the previous week’s decline, bringing the 2-week drop to 7-8%for contracts in the next 12 months. US production has increased for 10 straight weeks, keeping a lid on prices, although refinery rates are increasing in preparation for the summer driving season. Natural gas prices rose, largely reversing the previous week’s losses. This week’s larger-than-average storage injection was overshadowed by forecasts of a warm weekend that could boost cooling demand and power burn.

To view the complete Market Summary, click here.

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