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October 17th, 2016

Market Summary for the Week of October 10 - 14, 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 jumped on Monday but ended the week close to where they began. OPEC’s preliminary agreement to cut production boosted the market over the previous two weeks, but prices leveled out on doubts as to whether OPEC would agree on a plan at a meeting in early November. Natural gas prices rose by more than 9 cents last week due to Monday’s and Thursday’s price surges on concerns of a narrowing stock surplus heading into winter. The weekly net injection came in at 79 Bcf, falling short of most expectations.

To view the complete Market Summary, click here.

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