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March 27th, 2017

Market Summary for the Week of March 20 - 24, 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%

Near-term crude oil remained under the $50 mark last week as the US saw a large gain in domestic stocks. Record US stocks have insulated both WTI and Brent prices from the impacts of OPEC’s production cuts, which could be extended beyond the current end date of June 30. Natural gas prices made gains last week as late-winter cold boosted heating demand, narrowing the supply surplus. The EIA reported a record supply draw of 150 Bcf; the average draw for this time of year is 21 Bcf.

To view the complete Market Summary, click here.

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