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May 7th, 2018

Market Summary for Week of April 30 - May 4, 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 climbed last week and then jumped this morning as world leaders speculated over the weekend on Trump’s likely course of action on the Iran nuclear deal and what a withdrawal from the deal would mean for world relations. In contrast, natural gas prices slipped 2% last week as the first storage injection of the year surpassed expectations. Inventories still stand at a 28% deficit to the 5-year average going into the shoulder season.

To view the complete Market Summary, click here.

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