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May 14th, 2018

Market Summary for Week of May 7 - 11, 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 climbed last week as President Trump announced that the US would indeed withdraw from the Iran nuclear deal and unilaterally reimpose sanctions. In addition, domestic crude oil in storage fell more than expected. Natural gas prices rose 3.8% last week amid speculation that oncoming cooling demand paired with high exports could curb injections more than expected. Even with this week’s larger-than-average injection, inventories stand 27% below typical levels.

To view the complete Market Summary, click here.

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