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September 11th, 2017

Market Summary for Week of September 4 - 8, 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 crude oil gained last week while the other months held steady or declined. The restoration of refining capacity in the Gulf is expected to pare down the large build in crude stocks due to Hurricane Harvey. Natural gas prices fell 6% last week as traders looked ahead to Hurricane Irma to bringing cool weather and power outages when it made landfall in Florida. The EIA reported a larger than average storage gain last week following similar outages in the wake of Tropical Storm Harvey in Texas and Louisiana.

To view the complete Market Summary, click here.

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