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May 31st, 2017

Market Summary for Week of May 22 - 26, 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 saw an overall drop last week as OPEC and other key producers decided to extend but not to deepen output cuts, leading prices to tumble on Thursday. The cuts will now extend through March 2018, a nine-month extension from the initial end-date of June 2017. Natural gas prices slipped modestly last week amid mild shoulder season weather that stimulated little heating or cooling demand. Futures prices began to plummet early this week, however, as forecasts for the beginning of June turned cold for the eastern continental U.S.

To view the complete Market Summary, click here.

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