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January 3rd, 2017

Market Summary for the Week of December 26 - 30, 2016

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 prices continued to slowly inch up for a third straight week. Markets were boosted by the inception of the production cuts organized by OPEC, although skepticism remains as to sustained compliance by participants. Natural gas prices rose weekover-week as consumption soared above average levels. Gains began to reverse on Thursday and Friday as mild weather is forecasted for early January.

To view the complete Market Summary, click here.

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