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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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May 14th, 2018

Market Summary for Week of May 7 - 11, 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 climbed last week as President Trump announced that the US would indeed withdraw from the Iran nuclear deal and unilaterally reimpose sanctions. In addition, domestic crude oil in storage fell more than expected. Natural gas prices rose 3.8% last week amid speculation that oncoming cooling demand paired with high exports could curb injections more than expected. Even with this week’s larger-than-average injection, inventories stand 27% below typical levels.

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May 7th, 2018

Market Summary for Week of April 30 - May 4, 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 and then jumped this morning as world leaders speculated over the weekend on Trump’s likely course of action on the Iran nuclear deal and what a withdrawal from the deal would mean for world relations. In contrast, natural gas prices slipped 2% last week as the first storage injection of the year surpassed expectations. Inventories still stand at a 28% deficit to the 5-year average going into the shoulder season.

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April 30th, 2018

Market Summary for Week of April 23 - 27, 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%

WTI was steady last week while Brent rose slightly. All eyes are on whether President Trump recertifies Iran’s compliance with the nuclear deal, a decision that must be made by May 12. Otherwise, economic sanctions will be reinstated against Iran, including its oil. Natural gas prices remain in a narrow trading range as late-season heating demand recedes. Storage stands at a 29% deficit to the 5-year average but is expected refill quickly through the summer as record-high production continues to climb.

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April 23rd, 2018

Market Summary for Week of April 16 - 20, 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 saw a second straight week of gains, climbing as OPEC’s production cuts have brought global stocks back to average levels. Uncertainty as to whether President Trump will recertify the Iran nuclear deal in three weeks also boosted prices. Natural gas prices saw little change week-over-week. Storage levels have fallen to a 26% deficit to the 5-year average, but strong production is expected to refill inventories quickly as heating demand dissipates.

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