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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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January 16th, 2018

Market Summary for Week of January 8 - 12, 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 rallied all five days last week. The effects of OPEC’s ongoing production cuts coincided with a drop in US production due to a freeze-off of production wells, and global economic indicators point to rising demand for crude. Natural gas prices surged by 14% last week as the EIA reported the largest storage withdrawal in history. Frigid temperatures leading up to and during the “bomb cyclone” sent heating demand to record highs and curbed production.

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January 8th, 2018

Market Summary for Week of January 1 - 5, 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 prices rose last week, briefly surpassing $62 for WTI and $68 for Brent. Domestic crude stocks shrunk for a seventh consecutive week and anti-government protests grew in Iran, OPEC’s third largest producer. Natural gas prices fell 5.4% last week, retreating after strong gains during the New Year’s cold snap. Demand is forecasted to decline from record highs as temperatures ease in the East through mid-January.

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January 2nd, 2018

Market Summary for Week of December 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 rose last week as geopolitical unrest threatened output from Iran and Libya, two key OPEC producers. Domestically, US production continues at a near-record pace and is expected to grow in 2018. Natural gas prices jumped 11% last week as frigid temperatures set in across the Eastern US. Storage levels slipped to 2.5% below average and the deficit is likely to widen following this weekend’s record-high demand.

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December 26th, 2017

Market Summary for Week of December 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 climbed last week; futures contracts beyond April 2018 have rallied each trading day since December 13th. Domestic crude stocks have fallen for five straight weeks, while London-traded Brent continues to be impacted by the Forties Pipeline outage. Natural gas prices gained for this winter's contracts, although the outer months fell. Cooler-than-normal forecasts for both Christmas weekend and New Years weekend boosted prices, although heating demand has been muted so far this season.

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