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January 2nd, 2019

Market Summary for the Week of December 24 - December 28, 2018

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

Crude oil wrapped up the year with another week of losses. Prompt month WTI saw a net loss of 25% for the year as OPEC and Russia veered from the production cut agreement for the second half of 2018. Natural gas prices slipped 11% last week as traders looked ahead to mild temperatures that could limit heating demand. U.S. production remains strong, but inventories are 19% below the 5-year average.

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December 18th, 2018

Market Summary for the Week of December 10 - December 14, 2018

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

Crude fell slightly last week but generally held in the range of the past 3 weeks. High domestic production rates are offsetting the market impact of the renewed agreement between the OPEC+ group. Natural gas prices for the remainder of this winter fell as much as 15% last week. Mild forecasts mollified fears that strong heating demand might strain inventories, which are 20% below the 5-year average.

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December 11th, 2018

Market Summary for the Week of December 3 - December 7, 2018

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

Crude oil prices climbed for a second straight week. OPEC and Russia agreed to cut production for the first half of 2019, boosting prices. However, the US-China trade war continues to keep a cap on prices. Natural gas prices slipped 2.5% this week, halting November’s rally as forecasts showed mild temperatures that could moderate heating demand. Strong output weighed on prices despite low inventory levels.

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December 4th, 2018

Market Summary for the Week of November 26 - November 30, 2018

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

Crude oil prices saw a slight uptick for the first week since early October. WTI contracts for delivery during 2019 slid 30% between October 3 and the end of November but $50 seems to be a support level for the prompt month, especially ahead of an OPEC+Russia meeting later this week. Natural gas prices rose 6% last week even as forecasts eased and production reached new highs. Concerns linger that with wide storage deficit, any winter cold could further strain inventories.

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November 27th, 2018

Market Summary for the Week of November 19 - November 23, 2018

by Kelsey Berger and Michelle Tham, Energy Analysts

Synopsis of Last Week's Energy Markets

Last week saw crude oil prices fall to lows of more than a year. Global supplies are increasing due to high rates from the world’s top 3 producers, while projections for crude demand in 2019 have recently been revised downward. Natural gas prices saw modest gains last week. Inventories are 19% below average after an uncharacteristically strong withdrawal, and cold over the holiday weekend could impact next week’s storage report.

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