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June 25th, 2018

Market Summary for the Week of June 18 – June 22, 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 climbed last week, with prompt month WTI jumping 4.6% on Friday alone. Although Saudi Arabia and Russiawere able to convince the other OPEC members to ease the production limits, markets had already factored in additional production from the cartel. Natural gas prices slipped 2.5% last week as forecasts for demand eased across the country with falling temperatures. Inventories remain at a 20% deficit to the 5-year average despite last week’s large storage build.

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June 11th, 2018

Market Summary for the Week of June 4 – June 8, 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 were steady last week ahead amid climbing domestic stocks and production. OPEC’s next meeting is June 22, where the group will discuss Saudi Arabia and Russia’s proposal to ease the current production limits. Natural gas prices slipped 2.4% last week as cool weather along the East Coast suppressed regional demand. Storage remains at a 22% deficit to the 5-year average.

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June 4th, 2018

Market Summary for the Week of May 28 – June 1, 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 saw a second straight decline last week on the expectation that Russia and Saudi Arabia will convince other cartel members to ease production limits at their meeting on June 22. Natural gas prices saw little week-over-week change as reports of a smaller-than-expected storage injection competed with forecasts for milder weather on the East coast that could provide relief from high cooling demand.

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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.

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May 21st, 2018

Market Summary for Week of May 14 - 18, 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%

Oil prices ticked up slightly last week as a spate of violence surrounding the new US embassy in Jerusalem boosted prices, along with the wearing down of global oil stocks from previously surplus-levels. Natural gas prices gained for the second week in a row following forecasts for a warm end to May that could support rising cooling demand. Gas inventories are currently 24.6% below the 5-year average.

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