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January 30th, 2017

Market Summary for the Week of January 23 - 27, 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 price saw an overall decline last week despite the OPEC-led production cuts and a surging stock market. Domestic production has risen steadily for three months, and the rig count continues to rise. Natural gas prices rose last week as forecasts for the end of January turned cold. The storage deficit is currently below 1% to the average, but with rising heating demand and high exports it could widen in the coming week.

To view the complete Market Summary, click here.

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