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August 28th, 2017

Market Summary for Week of August 21 - 25, 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 prices ended the week very close to where they started, with futures very tightly clustered around $48-49 per barrel. Heavy rains and flooding brought by Hurricane Harvey are causing refinery shutdowns in the Gulf Coast area, boosting prices for distillates and gasoline. Natural gas prices rose and fell last week but saw little change week-over-week. The storage surplus is nearing the 5-year average ahead of the shoulder season and Hurricane Harvey has had a mixed impact on the market as it halts both production and electricity delivery along the Gulf.

To view the complete Market Summary, click here.

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