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November 7th, 2016

Market Summary for the Week of October 31 - November 4, 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 fell for a second week; OPEC’s planned production cuts continued to unravel as members ramped up production ahead of the November 30 meeting. Domestically, the EIA reported the largest ever weekly gain in crude oil stocks. Natural gas prices fell for a third consecutive week as mild weather continues to raise concerns over low heating demand and growing storage levels. Temperatures for November are forecasted to be above average for much of the continental U.S. and the EIA reports that storage is on track to reach record highs for this time of year.

To view the complete Market Summary, click here.

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