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April 17th, 2017

Market Summary for the Week of April 10 - 14, 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 inched up early last week and held on to those gains. Concerns about increased instability after the US airstrike in Syria kept prices boosted, in addition to indications that the OPEC production cuts were having the desired effect of balancing the market. Natural gas prices fell slightly last week amid predictions that mild weather could give way to a lull in demand. The EIA reported a weekly storage injection of 10 Bcf, in line with analyst predictions.

To view the complete Market Summary, click here.

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