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December 18th, 2017

Market Summary for Week of December 11 - 15, 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%

London-traded Brent crude was volatile last week while NYMEX-traded WTI was more stable. Both products saw little weekly change overall. Brent crude was hit with an outage on a major pipeline, but US production continues at an almost-record pace. Natural gas prices slid 5.8% last week; inventory levels are less than 1% lower than the 5-year average according to the latest EIA report, and strong production could keep withdrawals modest despite rising demand.

To view the complete Market Summary, click here.

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