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February 26th, 2018

Market Summary for Week of February 19 - 23, 2018

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 climbed last week. The domestic production rate stalled after 5 straight weeks of gains, and stockpiles at Cushing, Oklahoma, are at the lowest since December 2014. Exports jumped last week, and the current rate is double that of a year ago. Natural gas prices gained 3% last week, halting the steep price slide that began in early February. Forecasts for March show a possible return to colder temperatures that could boost late-season demand erode inventories.

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February 12th, 2018

Market Summary for Week of February 5 - 9, 2018

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 declined for six straight trading days between February 2nd and 9th, with the prompt month falling 10%. Near-term fundamentals were bearish; domestic production rose to a record high, and active oil rigs also climbed. The drop in the equities market also brought down commodities. Natural gas prices declined for the second week in a row as forecasts for a frigid February faded. Last week’s storage withdrawal fell short of typical early-February draw, but inventories remain at a 16% deficit to the 5-year average

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February 5th, 2018

Market Summary for Week of January 29 - February 2, 2018

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 and Brent moved down last week as the EIA reported that November domestic production exceeded 10M barrels per day. Furthermore, US stocks saw the first weekly gain in 11 weeks and OPEC production rose in January. Natural gas prices slipped 10% this week as forecasts for frigid weather in mid-February turned milder. The EIA reported a lower-than-average storage withdrawal this week, bringing inventory levels back within the historical 5-year range.

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January 29th, 2018

Market Summary for Week of January 22 - 26, 2018

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 and Brent climbed last week as US crude oil in storage continues to decline, although the domestic production rate is closing in on the 10M barrel per day mark. Crude prices are also being bolstered by a three-year low in the US dollar index. Natural gas prices advanced 10% last week amid cooler forecasts for February and declining inventory levels. This week’s high storage withdrawal followed high heating demand and exports and left stocks at a 17.5% deficit to the 5-year average.

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January 22nd, 2018

Market Summary for Week of January 15 - 19, 2018

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 finally snapped a 4-week streak of gains from mid-December through January 12 despite bullish news last week. The EIA reported that US crude stocks are at a 3-year low, while OPEC and Russia achieved over 100% compliance with production cuts in December. Natural gas prices saw a modest decline last week in anticipation of mild weather and suppressed heating demand across the eastern U.S. Last week’s storage withdrawal was lower than average as demand retreated and production recovered following the early-January cold snap.

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