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May 29th, 2018

Market Summary for Week of May 21 - 25, 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 prices fell dramatically last week after Russia and Saudi Arabia said would that they would be discussing easing the current production limits during the upcoming OPEC meeting in response to falling output from Venezuela and Iran. Natural gas prices gained 3% last week amid speculation that early summer heat could boost cooling demand and curb storage injections. Inventories remain 23% below the 5-year average.

To view the complete Market Summary, click here.

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