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June 19th, 2017

Market Summary for Week of June 12 - 16, 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 saw a weekly loss for the fourth straight week. The Wednesday EIA report drove prices down and commanded the market movement for the week; low gasoline demand is allowing stocks to build at a time of year when they are expected to fall. Natural gas prices were relatively unchanged last week following mixed market movement but have dropped dramatically this morning. Recent mild weather and mixed forecasts indicate that the supply surplus could remain intact through the summer.

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June 12th, 2017

Market Summary for Week of June 5 - 9, 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 came down last week. Prices tumbled on Wednesday after the EIA reported huge gains in crude oil, distillate, and gasoline stocks at a time in which summer driving should be drawing on stocks. Natural gas prices rose last week, recovering only a fraction of the previous week’s losses, ahead of this week’s heat wave. The EIA reported a triple-digit storage injection this week, the first since September 2015.

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June 5th, 2017

Market Summary for Week of May 29 - June 2, 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 slid over 4% in the four trading days last week on doubts that OPEC and Russia could do enough to rebalance the global glut in crude stocks as US production grows, reaching 6.5% over year-ago levels. Natural gas prices plummeted last week as a cool start to June is expected to curb any late-spring cooling demand and could allow the storage surplus to swell in the coming weeks. July futures slipped 9.4%, closing at $3 on Friday afternoon. 

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May 31st, 2017

Market Summary for Week of May 22 - 26, 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 an overall drop last week as OPEC and other key producers decided to extend but not to deepen output cuts, leading prices to tumble on Thursday. The cuts will now extend through March 2018, a nine-month extension from the initial end-date of June 2017. Natural gas prices slipped modestly last week amid mild shoulder season weather that stimulated little heating or cooling demand. Futures prices began to plummet early this week, however, as forecasts for the beginning of June turned cold for the eastern continental U.S.

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May 22nd, 2017

Market Summary for Week of May 15 - 19, 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 continued to see volatility last week. The OPEC-led production cuts have failed to make a sustained impact on prices, instead causing wild swings. Prices climbed last week in anticipation that the consortium will agree to an extension of the cuts. Natural gas prices fell from five-month highs on an outlook for a mild end to May that could hold down cooling demand. This week’s storage injection was lower than normal, narrowing the surplus to 12% to the five-year average.

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