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June 6th, 2016

Market Summary for the Week of May 30 - June 3, 2016

by Michelle Tham, Director of Analytics

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 came down slightly last week as Baker Hughes Inc. reported the largest weekly increase in active oil rigs since December and OPEC moved further away from instituting a production freeze. Near-term natural gas prices jumped last week while the outer months remained relatively flat. The July contract rose more than 10% over the week as warm temperatures increased electricity demand for air conditioning.

To view the complete Market Summary, click here.

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