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February 13th, 2017

Market Summary for the Week of February 6 - 10, 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 was volatile early last week but ended with very little net change. US stocks saw the second-highest weekly gain on record and US production continues to rise, but the OPEC cuts continue to boost prices as they are expected to gradually erode the global supply glut. Natural gas prices rose and fell last week amid mixed weather reports, closing on Friday with little weekover-week change. Storage remains at a slights surplus to the 5-year average following a reported storage draw of 152 Bcf.

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February 6th, 2017

Market Summary for the Week of January 30 - February 3, 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 ticked up very slightly last week, still pushing up against $54 per barrel for the prompt month. OPEC members have wrapped up the first month of production cuts, although concrete figures have yet to be seen. Tensions between the US and Iran also boosted prices. Natural gas fell last week amid forecasts of a warm start to February that could hold down heating demand. The EIA reported a modest storage draw that has brought stock levels to a surplus to the five-year average. 

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January 30th, 2017

Market Summary for the Week of January 23 - 27, 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 price saw an overall decline last week despite the OPEC-led production cuts and a surging stock market. Domestic production has risen steadily for three months, and the rig count continues to rise. Natural gas prices rose last week as forecasts for the end of January turned cold. The storage deficit is currently below 1% to the average, but with rising heating demand and high exports it could widen in the coming week.

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January 23rd, 2017

Market Summary for the Week of January 16 - 20, 2016

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 little overall change last week as markets continue to react to news regarding changes in global output. As expected, production from non-participants to the OPEC agreement are offsetting curtailment efforts led by Saudi Arabia. Natural gas prices fell last week amid a warm spell expected to hold down heating demand through the end of this week. The EIA reported a higher-than-average storage draw following recent cold weather and rising exports.

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