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January 2nd, 2018

Market Summary for Week of December 25 - 29, 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 rose last week as geopolitical unrest threatened output from Iran and Libya, two key OPEC producers. Domestically, US production continues at a near-record pace and is expected to grow in 2018. Natural gas prices jumped 11% last week as frigid temperatures set in across the Eastern US. Storage levels slipped to 2.5% below average and the deficit is likely to widen following this weekend’s record-high demand.

To view the complete Market Summary, click here.

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