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January 29th, 2018

Market Summary for Week of January 22 - 26, 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%

WTI and Brent climbed last week as US crude oil in storage continues to decline, although the domestic production rate is closing in on the 10M barrel per day mark. Crude prices are also being bolstered by a three-year low in the US dollar index. Natural gas prices advanced 10% last week amid cooler forecasts for February and declining inventory levels. This week’s high storage withdrawal followed high heating demand and exports and left stocks at a 17.5% deficit to the 5-year average.

To view the complete Market Summary, click here.

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