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April 9th, 2018

Market Summary for Week of April 2 - 6, 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 fell last week on escalating trade war tensions with China. However, over the weekend Syria carried out a chemical attack on its civilians, and the resulting tensions in the region is boosting prices. Natural gas prices fell 1% last week as strong domestic output continues to weigh on markets. This comes despite low temperatures and late-season heating demand that has contributed to a widening inventory deficit.

To view the complete Market Summary, click here.

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