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October 23rd, 2017

Market Summary for Week of October 16 - 20, 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%

Crude oil prices saw little overall change last week. The EIA released production numbers for the week ending October 13, showing a huge impact from Hurricane Nate. Furthermore, Iraq’s takeover of key oil facilities from the Kurds continues to boost prices. Natural gas prices fell 3% last week as warm weather through the end of October could curb fall cooling demand. Nonetheless, storage levels are expected to remain below the 5-year average as the injection season comes to a close.

To view the complete Market Summary, click here.

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