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November 14th, 2016

Market Summary for the Week of November 7 - November 11, 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 ended last week at a slight decrease. OPEC production figures for October showed that member states were ramping up production ahead of the November 30 meeting, and the IEA projects that 2017 global production will rise while demand remains flat. Natural gas prices’ continuing decline was punctuated by a brief rebound on Wednesday following the election of Republican candidate Donald Trump. Last week marked the market’s fourth consecutive weekly loss as storage climbed to record levels of over 4,000 Bcf.

To view the complete Market Summary, click here.

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