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May 15th, 2017

Market Summary for Week of May 8 - 12, 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 jumped last week and into Monday of this week, reversing the losses of the previous week. Saudi Arabia and Russia announced over the weekend that they had jointly agreed to extend the production cuts through March, pending approval by the other participating members. Natural gas prices also rose last week as the weekly storage injection fell short of average gains and analyst projections. Inventories gained 45 Bcf, compared to the average of 73 Bcf, narrowing the storage surplus to 13.6% to the 5-year average.

To view the complete Market Summary, click here.

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