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March 26th, 2018

Market Summary for Week of March 19 - 23, 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 jumped last week. The EIA weekly storage report was largely bullish, and Trump’s hawkish appointments last week caused concern that he may scrap the Iran nuclear deal, which would constrain its crude output. Natural gas prices retreated for a second week as the cold of the heating season begins to dissipate. Prices fell 4% despite a large storage withdrawal that brought inventories to a 19% deficit to the 5‐year average.

To view the complete Market Summary, click here.

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