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September 25th, 2017

Market Summary for Week of September 18 - 22, 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 traded in a very narrow range and ultimately saw little overall change for the week. Domestic production is up for the second straight week, but OPEC reported increased compliance with production cuts in September. Natural gas futures fell 2% last week after reaching a 3-month high on Monday. The forecasted heat wave in the eastern U.S. has been milder than expected, and the gas inventory surplus has expanded to 2% following Hurricane-related outages and low power burn demand in the South.

To view the complete Market Summary, click here.

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