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December 6th, 2016

Market Summary for the Week of November 28 - December 2, 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 rose last week after OPEC and non-OPEC producers somewhat surprisingly came to an agreement on cutting production by 1.8 million barrels per day, or about 2% of global production. Natural gas prices climbed again last week as temperatures continued to fall. The EIA reported rapid growth in heating demand and the largest weekly storage draw of the season.

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November 28th, 2016

Market Summary for the Week of November 21 - November 25, 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%

WTI prices ended the week close to where they started; London-traded Brent crude prices gained slightly. The crude oil market is closely watching developments in OPEC negotiations for a production freeze. The group’s biannual meeting is scheduled for November 30. Natural gas prices continued to rise last week as the weather turned cold and spurred a long-anticipated boost in heating demand. The EIA reported a weekly decline in storage for the first time this season.

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November 21st, 2016

Market Summary for the Week of November 14 - November 18, 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 an overall increase last week, rallying almost 6% on Tuesday and holding onto those gains. Prices are yoyoing with the probability of OPEC members successfully approving a production cut jointly with Russia. Natural gas prices rose last week for the first time since mid-October as temperatures fall across the continental U.S. and demand for heating increases. Net injections brought stocks to 4,047 Bcf, another all-time record for storage.

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November 14th, 2016

Market Summary for the Week of November 7 - November 11, 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 ended last week at a slight decrease. OPEC production figures for October showed that member states were ramping up production ahead of the November 30 meeting, and the IEA projects that 2017 global production will rise while demand remains flat. Natural gas prices’ continuing decline was punctuated by a brief rebound on Wednesday following the election of Republican candidate Donald Trump. Last week marked the market’s fourth consecutive weekly loss as storage climbed to record levels of over 4,000 Bcf.

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November 7th, 2016

Market Summary for the Week of October 31 - November 4, 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 fell for a second week; OPEC’s planned production cuts continued to unravel as members ramped up production ahead of the November 30 meeting. Domestically, the EIA reported the largest ever weekly gain in crude oil stocks. Natural gas prices fell for a third consecutive week as mild weather continues to raise concerns over low heating demand and growing storage levels. Temperatures for November are forecasted to be above average for much of the continental U.S. and the EIA reports that storage is on track to reach record highs for this time of year.

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