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November 21st, 2016

Market Summary for the Week of November 14 - November 18, 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 increase last week, rallying almost 6% on Tuesday and holding onto those gains. Prices are yoyoing with the probability of OPEC members successfully approving a production cut jointly with Russia. Natural gas prices rose last week for the first time since mid-October as temperatures fall across the continental U.S. and demand for heating increases. Net injections brought stocks to 4,047 Bcf, another all-time record for storage.

To view the complete Market Summary, click here.

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