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September 12th, 2016

Market Summary for the Week of September 5 - 9, 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%

Despite the four-day trading week, the near-term crude oil contracts gained 3-6% last week. The EIA reported that total US storage levels saw the highest one-week drop in 17 years, caused by high refining rates and a disruption to imports. Natural gas prices fell early in the week due to projected decrease in cooling demand but regained losses following an EIA report of lower-than-expected injection rate. Inventory surplus fell to 9.8% to the five-year average.

To view the complete Market Summary, click here.

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