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October 2nd, 2017

Market Summary for Week of September 25 - 29, 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 rose for the fourth straight week as US crude oil stocks unexpectedly fell and exports rose. On the bearish side, US oil rigs gained for the first week in seven and the impact of the OPEC production cuts appears to be wavering. Natural gas prices rose and fell last week but by Friday afternoon were relatively flat compared to the previous week. The storage surplus narrowed to 1.2% going into the shoulder season but prices plummeted today as weather outlooks turned warm for the coming weeks

To view the complete Market Summary, click here.

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