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November 20th, 2017

Market Summary for Week of November 13 - 17, 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%

The crude oil market finally saw some stability last week. Prices fell mid-week on reduced projections for global crude oil demand and also on doubts as to Russia’s commitment to extending production cuts. However, a large oil spill boosted prices on Friday. Natural gas prices fell last week from the previous Friday’s high close. Late November forecasts turned mild, curbing heating demand projections. The EIA reported the first storage withdrawal of the winter season, bringing inventory levels to a 2.6% deficit to the 5-year average.

To view the complete Market Summary, click here.

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