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December 12th, 2016

Market Summary for the Week of December 5 - 9, 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 oil prices were steady last week on skepticism that the OPEC agreement would result in a reduction the overhang in oil supply. However, non-OPEC producers joined in the agreement over the weekend, sending prices up. Natural gas prices gained 9% last week as heating demand continues to rise and forecasts called for the descent of cold Arctic air across the continental U.S. Weekly net withdrawals were lower than average, however, and the storage surplus widened to 7% to the 5-year average.

To view the complete Market Summary, click here.

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