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August 21st, 2017

Market Summary for Week of August 14 - 18, 2017

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 appeared to be heading for a large drop last week only to jump 3% on Friday, erasing most of the week’s losses. Indicators for crude oil demand for the US and China were bearish on prices, but a drop in the active oil rig count sent prices upward on Friday. Natural gas prices declined 3% last week, retreating from the previous week’s rally amid mixed weather forecasts. Prices fell every day except Thursday, when the EIA reported that the storage surplus has narrowed to 1.8% to the 5-year average.

To view the complete Market Summary, click here.

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