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August 28th, 2017

Market Summary for Week of August 21 - 25, 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 ended the week very close to where they started, with futures very tightly clustered around $48-49 per barrel. Heavy rains and flooding brought by Hurricane Harvey are causing refinery shutdowns in the Gulf Coast area, boosting prices for distillates and gasoline. Natural gas prices rose and fell last week but saw little change week-over-week. The storage surplus is nearing the 5-year average ahead of the shoulder season and Hurricane Harvey has had a mixed impact on the market as it halts both production and electricity delivery along the Gulf.

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August 21st, 2017

Market Summary for Week of August 14 - 18, 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 appeared to be heading for a large drop last week only to jump 3% on Friday, erasing most of the week’s losses. Indicators for crude oil demand for the US and China were bearish on prices, but a drop in the active oil rig count sent prices upward on Friday. Natural gas prices declined 3% last week, retreating from the previous week’s rally amid mixed weather forecasts. Prices fell every day except Thursday, when the EIA reported that the storage surplus has narrowed to 1.8% to the 5-year average.

 

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August 14th, 2017

Market Summary for Week of August 7 - 11, 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 finished down last week as the market resisted the $50 mark for prompt month WTI. An OPEC meeting resulted in a “recommitment” to the cuts, which did not impact the market. Domestically, crude stocks saw an unexpectedly large drop. Natural gas prices climbed from five-month lows as forecasts released last week showed warming trends through mid-August. Inventory surplus has tightened to 2% to the 5-year average as injections continue to fall short of typical gains for mid-late summer.

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August 7th, 2017

Market Summary for Week of July 31 - August 4, 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 vacillated last week. US production continues to rise, and OPEC production rose in July. On the bullish side, the trend in increasing US oil rigs appears to be slowing and OPEC and other producers are meeting this week to discuss compliance with production cuts. Natural gas prices fell last week as forecasts for mild weather across the central U.S. weakened expectations for cooling demand through mid-August. The EIA reported a lower-than-average storage injection, bringing the surplus to 3% to the 5-year average.

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July 31st, 2017

Market Summary for Week of July 24 - 28, 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 to 2-month highs last week as US crude oil and gasoline inventories fell and domestic production and exploration appears to be slowing. The OPEC cuts are also finally having an impact on fundamentals, and the group will meet next to discuss tighter compliance. Natural gas futures rose and fell last week amid forecasts of a lower-than-average storage injection and mild weather that could allow for more substantial builds in the coming weeks. Prices had fallen only slightly by the end of the week but dropped dramatically Monday morning.

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