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February 5th, 2018

Market Summary for Week of January 29 - February 2, 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 moved down last week as the EIA reported that November domestic production exceeded 10M barrels per day. Furthermore, US stocks saw the first weekly gain in 11 weeks and OPEC production rose in January. Natural gas prices slipped 10% this week as forecasts for frigid weather in mid-February turned milder. The EIA reported a lower-than-average storage withdrawal this week, bringing inventory levels back within the historical 5-year range.

To view the complete Market Summary, click here.

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