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February 12th, 2018

Market Summary for Week of February 5 - 9, 2018

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 declined for six straight trading days between February 2nd and 9th, with the prompt month falling 10%. Near-term fundamentals were bearish; domestic production rose to a record high, and active oil rigs also climbed. The drop in the equities market also brought down commodities. Natural gas prices declined for the second week in a row as forecasts for a frigid February faded. Last week’s storage withdrawal fell short of typical early-February draw, but inventories remain at a 16% deficit to the 5-year average

To view the complete Market Summary, click here.

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