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January 23rd, 2017

Market Summary for the Week of January 16 - 20, 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 saw little overall change last week as markets continue to react to news regarding changes in global output. As expected, production from non-participants to the OPEC agreement are offsetting curtailment efforts led by Saudi Arabia. Natural gas prices fell last week amid a warm spell expected to hold down heating demand through the end of this week. The EIA reported a higher-than-average storage draw following recent cold weather and rising exports.

To view the complete Market Summary, click here.

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