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November 27th, 2017

Market Summary for Week of November 20 - 24, 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%

Prompt month WTI jumped 4% this week. The 600,000 barrel-per-day Keystone Pipeline has been shut down to repair a leak, cutting off flows to Gulf Coast refiners. Furthermore, OPEC meets this coming week to discuss extending production cuts. In contrast, natural gas prices fell 9% last week amid a mild weather outlook for the end of November. These forecasts and strong production weighed on prices despite the slowly widening storage deficit and another higher-than-average storage withdrawal.

To view the complete Market Summary, click here.

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