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August 21st, 2018

Market Summary for the Week of August 13 - August 17, 2018

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 climbed last week, with prompt month WTI jumping 4.6% on Friday alone. Although Saudi Arabia and Russiawere able to convince the other OPEC members to ease the production limits, markets had already factored in additional production from the cartel. Natural gas prices slipped 2.5% last week as forecasts for demand eased across the country with falling temperatures. Inventories remain at a 20% deficit to the 5-year average despite last week’s large storage build.

To view the complete Market Summary, click here.

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