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January 17th, 2017

Market Summary for the Week of January 9 - 13, 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 an overall decline last week. While Russia and Saudi Arabia have begun cutting oil production, Iraq appeared to be facing issues with meeting its commitment and Iran was rumored to be trying to increase market share during the cuts. Natural gas prices dropped dramatically last Monday amid warm weather but rallied throughout the rest of the week when forecasts for late January turned cold.

To view the complete Market Summary, click here.

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