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March 6th, 2017

Market Summary for the Week of February 27 - March 3, 2017

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 continue to hold steady in a narrow band of $53-54 for the prompt month. The glut in US stocks continued to grow, as does the US production rate. This is weighing on prices and limiting the impact of the production cuts by OPEC and non-OPEC states. Natural gas prices rose last week alongside news of a cold snap in the northeast that could support somewhat renewed heating demand after weeks of mild weather. The EIA reported an unprecedented February net storage injection which brought storage surplus to 14% to the 5-year average.

To view the complete Market Summary, click here.

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