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June 5th, 2017

Market Summary for Week of May 29 - June 2, 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 slid over 4% in the four trading days last week on doubts that OPEC and Russia could do enough to rebalance the global glut in crude stocks as US production grows, reaching 6.5% over year-ago levels. Natural gas prices plummeted last week as a cool start to June is expected to curb any late-spring cooling demand and could allow the storage surplus to swell in the coming weeks. July futures slipped 9.4%, closing at $3 on Friday afternoon. 

To view the complete Market Summary, click here.

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