Blog

CES Spotlight Blog

RSS
  Blog Categories
  Authors
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.

Read More »

October 31st, 2016

Market Summary for the Week of October 24 - 28, 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 came down last week as OPEC’s production freeze slipped further from being a reality. A handful of members have requested exemptions, while non-OPEC producers are waiting for the group to come to an agreement before making a commitment. Early last week natural gas prices fell dramatically on continued forecasts of mild weather. Prices rallied Thursday and Friday following the EIA’s report of rising demand, but ultimately closed at a second consecutive weekly loss.

Read More »

October 24th, 2016

Market Summary for the Week of October 17 - 21, 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 held steady last week as markets await any movement on the OPEC deal to jointly cut production rates. Although the weekly EIA report had a bullish effect mid-week, the market retreated the next day as Russia reported that it still has spare production capacity. Natural gas prices fell last week as forecasts of mild temperatures have raised concerns that gas stocks, already at a surplus to average levels, will continue to build. Near-term contracts dropped sharply with an 8.9% decline in price for November futures.

Read More »

October 17th, 2016

Market Summary for the Week of October 10 - 14, 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 jumped on Monday but ended the week close to where they began. OPEC’s preliminary agreement to cut production boosted the market over the previous two weeks, but prices leveled out on doubts as to whether OPEC would agree on a plan at a meeting in early November. Natural gas prices rose by more than 9 cents last week due to Monday’s and Thursday’s price surges on concerns of a narrowing stock surplus heading into winter. The weekly net injection came in at 79 Bcf, falling short of most expectations.

Read More »

October 10th, 2016

Market Summary for the Week of October 3 - 7, 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 futures continued its rally into a third week on OPEC’s announcement of an agreement to cut production in an attempt to boost oil prices. Adding to the bullish news, the EIA reported an unexpected decrease in US stocks. Natural gas prices climbed for five straight days to a 21-month high on Friday. Hurricane Matthew-related outages were expected to be somewhat limited, allowing sustained power burn demand, and the storage surplus continues to close ahead of the winter heating season.

Read More »

« 2 3 4 5 6 »