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April 18th, 2016

Market Summary for the Week of April 11 - 15, 2016

by Meghan Nee and Michelle Tham, 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 tumbled below $40 and Brent fell below $42 this morning after the much-anticipated meeting between key OPEC members and Russia failed to yield an agreement on limiting production rates. Natural gas futures fell last week on forecasts for above-average temperatures through the end of April, capping the first weekly decline this month. The EIA reported a decline in storage levels, whereas analysts were expecting a gain.

To view the complete Market Summary, click here.

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