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May 21st, 2018

Market Summary for Week of May 14 - 18, 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%

Oil prices ticked up slightly last week as a spate of violence surrounding the new US embassy in Jerusalem boosted prices, along with the wearing down of global oil stocks from previously surplus-levels. Natural gas prices gained for the second week in a row following forecasts for a warm end to May that could support rising cooling demand. Gas inventories are currently 24.6% below the 5-year average.

To view the complete Market Summary, click here.

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