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November 28th, 2016

Market Summary for the Week of November 21 - November 25, 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%

WTI prices ended the week close to where they started; London-traded Brent crude prices gained slightly. The crude oil market is closely watching developments in OPEC negotiations for a production freeze. The group’s biannual meeting is scheduled for November 30. Natural gas prices continued to rise last week as the weather turned cold and spurred a long-anticipated boost in heating demand. The EIA reported a weekly decline in storage for the first time this season.

To view the complete Market Summary, click here.

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