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May 4th, 2015

Market Summary for the Week of April 27 - May 1, 2015

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 and Brent prices continued their upward trajectory last week. Crude oil stocks at Cushing fell for the first time since November, bolstering both products, although domestic production and OPEC production are adding to a US and international supply glut. Natural gas futures rose 9.7% last week, posting the largest weekly gain since the week ended November 7, 2014. Above-average temperatures are expected to stoke cooling demand from power generators, many of which continue to switch to natural gas over coal.

To view the complete Market Summary, click here.

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