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May 22nd, 2017

Market Summary for Week of May 15 - 19, 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 continued to see volatility last week. The OPEC-led production cuts have failed to make a sustained impact on prices, instead causing wild swings. Prices climbed last week in anticipation that the consortium will agree to an extension of the cuts. Natural gas prices fell from five-month highs on an outlook for a mild end to May that could hold down cooling demand. This week’s storage injection was lower than normal, narrowing the surplus to 12% to the five-year average.

To view the complete Market Summary, click here.

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