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December 4th, 2017

Market Summary for Week of November 27 - December 1, 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 despite OPEC and Russia’s agreement to extend production cuts through 2018. Domestic production continues to set record highs and oil rigs are at an 11-week high. In contrast, natural gas prices saw 5% gains last week despite significant losses on Thursday that followed a lower-than-average storage withdrawal. Near-term prices have been volatile for weeks amid shifting weather forecasts and a narrow storage deficit.

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November 27th, 2017

Market Summary for Week of November 20 - 24, 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 WTI jumped 4% this week. The 600,000 barrel-per-day Keystone Pipeline has been shut down to repair a leak, cutting off flows to Gulf Coast refiners. Furthermore, OPEC meets this coming week to discuss extending production cuts. In contrast, natural gas prices fell 9% last week amid a mild weather outlook for the end of November. These forecasts and strong production weighed on prices despite the slowly widening storage deficit and another higher-than-average storage withdrawal.

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November 20th, 2017

Market Summary for Week of November 13 - 17, 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%

The crude oil market finally saw some stability last week. Prices fell mid-week on reduced projections for global crude oil demand and also on doubts as to Russia’s commitment to extending production cuts. However, a large oil spill boosted prices on Friday. Natural gas prices fell last week from the previous Friday’s high close. Late November forecasts turned mild, curbing heating demand projections. The EIA reported the first storage withdrawal of the winter season, bringing inventory levels to a 2.6% deficit to the 5-year average.

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November 13th, 2017

Market Summary for Week of November 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 prices soared last Monday and held on to those gains throughout the week. Political upheaval in Saudi Arabia boosted prices, as well as an indication that Nigeria may opt into the OPEC production cuts at their next meeting November 30. Natural gas futures gained 7% last week amid expectations for a small storage gain and cold temperatures across the northern U.S. Current inventories remain slightly below normal at a 1.8% deficit to the 5-year average.

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