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October 2nd, 2017

Market Summary for Week of September 25 - 29, 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 rose for the fourth straight week as US crude oil stocks unexpectedly fell and exports rose. On the bearish side, US oil rigs gained for the first week in seven and the impact of the OPEC production cuts appears to be wavering. Natural gas prices rose and fell last week but by Friday afternoon were relatively flat compared to the previous week. The storage surplus narrowed to 1.2% going into the shoulder season but prices plummeted today as weather outlooks turned warm for the coming weeks

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September 25th, 2017

Market Summary for Week of September 18 - 22, 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 traded in a very narrow range and ultimately saw little overall change for the week. Domestic production is up for the second straight week, but OPEC reported increased compliance with production cuts in September. Natural gas futures fell 2% last week after reaching a 3-month high on Monday. The forecasted heat wave in the eastern U.S. has been milder than expected, and the gas inventory surplus has expanded to 2% following Hurricane-related outages and low power burn demand in the South.

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September 18th, 2017

Market Summary for Week of September 11 - 15, 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 rallied last week, with the prompt month gaining over 5%. Distillates and gasoline saw more modest gains of 2-3% for contracts in the next twelve months. Global demand forecasts are strong, while production cuts and disruptions are impacting the supply side. Natural gas prices rebounded from last week’s lows as forecasts turned warm and electricity demand began making recovery in the south after Hurricane Irma. Inventory rose more than normal last week, bringing the storage surplus to 1.3% to the 5-year average.

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September 11th, 2017

Market Summary for Week of September 4 - 8, 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 crude oil gained last week while the other months held steady or declined. The restoration of refining capacity in the Gulf is expected to pare down the large build in crude stocks due to Hurricane Harvey. Natural gas prices fell 6% last week as traders looked ahead to Hurricane Irma to bringing cool weather and power outages when it made landfall in Florida. The EIA reported a larger than average storage gain last week following similar outages in the wake of Tropical Storm Harvey in Texas and Louisiana.

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September 5th, 2017

Market Summary for Week of August 28 - September 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 and refined products have been on a short roller coaster ride due to Hurricane Harvey. With its impacts on Gulf Coast refineries, gasoline and diesel prices climbed last week but are stabilizing as refining activity resumes normal operations. Natural gas prices rose 5% last week amid halted production and depressed power burn demand in the wake of then-Hurricane Harvey. Inventory levels are typical for this time of year, with the surplus narrowing to just 0.3% to the 5-year average.

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