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December 11th, 2017

Market Summary for Week of December 4 - 8, 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 saw an overall decrease last week, mostly due to a steep drop on Wednesday.  A large gain in domestic gasoline stocks sent prices downward. In addition, the US production rate remains close to historical highs. Natural gas prices fell 9% last week following a surprising net storage injection that is uncharacteristic for early December. The news weighed on the markets despite expectations that cold weather will sweep across the Eastern U.S. this week and boost heating demand. 

To view the complete Market Summary, click here.

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