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October 24th, 2016

Market Summary for the Week of October 17 - 21, 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 held steady last week as markets await any movement on the OPEC deal to jointly cut production rates. Although the weekly EIA report had a bullish effect mid-week, the market retreated the next day as Russia reported that it still has spare production capacity. Natural gas prices fell last week as forecasts of mild temperatures have raised concerns that gas stocks, already at a surplus to average levels, will continue to build. Near-term contracts dropped sharply with an 8.9% decline in price for November futures.

To view the complete Market Summary, click here.

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