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April 2nd, 2018

Market Summary for Week of March 26 - 30, 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 came down slightly last week. The EIA storage report was bearish on prices, but in the larger picture, crude prices have risen steadily since June 2017 as the OPEC cuts have slowly worn down the global glut in stocks. Natural gas prices rose nearly 4% last week. Early April may be colder than normal across the Northeast and upper Midwest, fueling late-season heating demand that could dampen or delay the start of the injection season.

To view the complete Market Summary, click here.

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