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March 19th, 2018

Market Summary for Week of March 12 - 16, 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 and Brent both rose for a second straight week due in large part to a jump on Friday. US production is projected to top 11M barrels per day by the end of 2018, and domestic crude stocks gained more than projected the previous week. Natural gas prices fell 2% this week despite lingering cold weather in the North and East. Last week’s storage withdrawal was lower than normal but inventories remain 16% below the 5-year average.

To view the complete Market Summary, click here.

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