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October 10th, 2016

Market Summary for the Week of October 3 - 7, 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 futures continued its rally into a third week on OPEC’s announcement of an agreement to cut production in an attempt to boost oil prices. Adding to the bullish news, the EIA reported an unexpected decrease in US stocks. Natural gas prices climbed for five straight days to a 21-month high on Friday. Hurricane Matthew-related outages were expected to be somewhat limited, allowing sustained power burn demand, and the storage surplus continues to close ahead of the winter heating season.

To view the complete Market Summary, click here.

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