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March 28th, 2016

Market Summary for the Week of March 28 - March 25, 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%

Prompt month WTI pared about $2 over the week, the first weekly loss in six weeks. The EIA reported a large increase in domestic stocks at a time when storage levels are already at an eight-decade high, pushing both WTI and Brent prices down. Natural gas erased some of the gains made during the rally of the previous 2 weeks. Like with crude oil, losses were due to the EIA storage report. Gas stocks rose by 15 billion cubic feet, an unusually early first net injection of the year.

To view the complete Market Summary, click here.

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