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January 3rd, 2017

Market Summary for the Week of December 26 - 30, 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 prices continued to slowly inch up for a third straight week. Markets were boosted by the inception of the production cuts organized by OPEC, although skepticism remains as to sustained compliance by participants. Natural gas prices rose weekover-week as consumption soared above average levels. Gains began to reverse on Thursday and Friday as mild weather is forecasted for early January.

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December 27th, 2016

Market Summary for the Week of December 19 - 23, 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 prices ticked up slightly last week as the production cuts organized by OPEC are expected to start next week. Domestically, an unexpected gain in US crude stocks kept WTI prices in check, increasing the discount to London-traded Brent crude. For natural gas, near-term contracts were volatile and ended the week with an overall increase. The EIA reported a weekly storage withdrawal twice as much as the 5-year average, and forecasts of a mid-January cold front also bolstered prices.

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December 19th, 2016

Market Summary for the Week of December 12 - 16, 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 rose last week in response to OPEC and other global oil producers moving forward on a production cut agreement. The Fed’s decision to raise interest rates had a temporary bearish effect on Wednesday. Natural gas prices fell from early-December highs as forecasts indicated that cold temperatures would ease in the coming weeks, allowing the supply surplus to sustain well into the winter. Despite last week’s storage draw of 147 Bcf, surplus remains at 5% to the five-year average.

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December 12th, 2016

Market Summary for the Week of December 5 - 9, 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 were steady last week on skepticism that the OPEC agreement would result in a reduction the overhang in oil supply. However, non-OPEC producers joined in the agreement over the weekend, sending prices up. Natural gas prices gained 9% last week as heating demand continues to rise and forecasts called for the descent of cold Arctic air across the continental U.S. Weekly net withdrawals were lower than average, however, and the storage surplus widened to 7% to the 5-year average.

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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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