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May 8th, 2017

Market Summary for Week of May 1- 5, 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 plummeted last week, bringing total losses to almost 14% over the past three weeks. The US production rate continues to inch up, climbing to a 20-month high and offsetting the market impact of the OPEC cuts. Natural gas market movement was mixed last week and prices were relatively unchanged week-over-week. Storage surplus has hovered near 15% for over a month, and mild weather forecasts indicate that cooling demand may remain tepid in the coming weeks.

To view the complete Market Summary, click here.

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