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January 23rd, 2017

Market Summary for the Week of January 16 - 20, 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 saw little overall change last week as markets continue to react to news regarding changes in global output. As expected, production from non-participants to the OPEC agreement are offsetting curtailment efforts led by Saudi Arabia. Natural gas prices fell last week amid a warm spell expected to hold down heating demand through the end of this week. The EIA reported a higher-than-average storage draw following recent cold weather and rising exports.

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January 17th, 2017

Market Summary for the Week of January 9 - 13, 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 saw an overall decline last week. While Russia and Saudi Arabia have begun cutting oil production, Iraq appeared to be facing issues with meeting its commitment and Iran was rumored to be trying to increase market share during the cuts. Natural gas prices dropped dramatically last Monday amid warm weather but rallied throughout the rest of the week when forecasts for late January turned cold.

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January 9th, 2017

Market Summary for the Week of January 2 - 6, 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 rose for the fourth straight week. WTI and Brent contracts have gradually risen 15% since the end of November as the OPEC-led coalition of producers have agreed to and implemented production cuts. Natural gas prices plummeted last week from end-of-year highs. This followed forecasts of above-average temperatures for most of January that could hold down heating demand relative to previous years.

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January 3rd, 2017

Market Summary for the Week of December 26 - 30, 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 prices continued to slowly inch up for a third straight week. Markets were boosted by the inception of the production cuts organized by OPEC, although skepticism remains as to sustained compliance by participants. Natural gas prices rose weekover-week as consumption soared above average levels. Gains began to reverse on Thursday and Friday as mild weather is forecasted for early January.

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December 27th, 2016

Market Summary for the Week of December 19 - 23, 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 prices ticked up slightly last week as the production cuts organized by OPEC are expected to start next week. Domestically, an unexpected gain in US crude stocks kept WTI prices in check, increasing the discount to London-traded Brent crude. For natural gas, near-term contracts were volatile and ended the week with an overall increase. The EIA reported a weekly storage withdrawal twice as much as the 5-year average, and forecasts of a mid-January cold front also bolstered prices.

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