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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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April 2nd, 2018

Market Summary for Week of March 26 - 30, 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 came down slightly last week. The EIA storage report was bearish on prices, but in the larger picture, crude prices have risen steadily since June 2017 as the OPEC cuts have slowly worn down the global glut in stocks. Natural gas prices rose nearly 4% last week. Early April may be colder than normal across the Northeast and upper Midwest, fueling late-season heating demand that could dampen or delay the start of the injection season.

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March 26th, 2018

Market Summary for Week of March 19 - 23, 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 jumped last week. The EIA weekly storage report was largely bullish, and Trump’s hawkish appointments last week caused concern that he may scrap the Iran nuclear deal, which would constrain its crude output. Natural gas prices retreated for a second week as the cold of the heating season begins to dissipate. Prices fell 4% despite a large storage withdrawal that brought inventories to a 19% deficit to the 5‚Äźyear average.

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