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March 20th, 2017

Market Summary for the Week of March 13 - 17, 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 held steady last week after plummeting 9% the week prior. Reports showed that global stockpiles increased in January, prior to the impact of the OPEC-led production cuts. However, crude oil prices were bolstered by an unexpected decline in US storage levels. Natural gas prices came down last week as winter storm Stella brought less snow than anticipated and forecasts are calling for a warm end to March across the US. On the other hand, stocks are currently 10% below last year at this time.

To view the complete Market Summary, click here.

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