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January 22nd, 2018

Market Summary for Week of January 15 - 19, 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 finally snapped a 4-week streak of gains from mid-December through January 12 despite bullish news last week. The EIA reported that US crude stocks are at a 3-year low, while OPEC and Russia achieved over 100% compliance with production cuts in December. Natural gas prices saw a modest decline last week in anticipation of mild weather and suppressed heating demand across the eastern U.S. Last week’s storage withdrawal was lower than average as demand retreated and production recovered following the early-January cold snap.

To view the complete Market Summary, click here.

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