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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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April 16th, 2018

Market Summary for Week of April 9 - 13, 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 western powers weighed their responses to Syrian President Bashar al-Assad’s chemical gas attack on its own citizens on April 7. Natural gas prices turned down early last week but recovered when weather forecasts indicated that April’s low temperatures could persist late into the month, sustaining an unseasonable boost in heating demand.

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April 9th, 2018

Market Summary for Week of April 2 - 6, 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 last week on escalating trade war tensions with China. However, over the weekend Syria carried out a chemical attack on its civilians, and the resulting tensions in the region is boosting prices. Natural gas prices fell 1% last week as strong domestic output continues to weigh on markets. This comes despite low temperatures and late-season heating demand that has contributed to a widening inventory deficit.

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