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March 13th, 2017

Market Summary for the Week of March 6 - 10, 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 plummeted to three-month lows last week as record US storage and high production rates continue to counteract the market impact OPEC's production cuts. This could reverse course as refineries ramp back up as maintenance season ends. Natural gas prices rose for the second week in a row as forecasts indicate a cold end to March and the Northeast faces a late-winter storm. Gas stocks are still poised to end the heating season above average, with the current surplus at 19% to the 5-year average. 

To view the complete Market Summary, click here.

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