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March 5th, 2018

Market Summary for Week of February 26 - March 2, 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 dipped last week. The EIA reported a new record for US production on a weekly basis, and gasoline inventories saw an unexpectedly large jump. President Trump’s proposed steel tariff was also bearish for crude. In contrast, natural gas prices gained 1% last week, rising for the second week in a row as forecasts indicate that March could see cold weather. The storage deficit stands at 18% despite last week’s small withdrawal.

To view the complete Market Summary, click here.

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