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June 4th, 2018

Market Summary for the Week of May 28 – June 1, 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 saw a second straight decline last week on the expectation that Russia and Saudi Arabia will convince other cartel members to ease production limits at their meeting on June 22. Natural gas prices saw little week-over-week change as reports of a smaller-than-expected storage injection competed with forecasts for milder weather on the East coast that could provide relief from high cooling demand.

To view the complete Market Summary, click here.

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