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November 21st, 2016

Market Summary for the Week of November 14 - November 18, 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 increase last week, rallying almost 6% on Tuesday and holding onto those gains. Prices are yoyoing with the probability of OPEC members successfully approving a production cut jointly with Russia. Natural gas prices rose last week for the first time since mid-October as temperatures fall across the continental U.S. and demand for heating increases. Net injections brought stocks to 4,047 Bcf, another all-time record for storage.

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November 14th, 2016

Market Summary for the Week of November 7 - November 11, 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 ended last week at a slight decrease. OPEC production figures for October showed that member states were ramping up production ahead of the November 30 meeting, and the IEA projects that 2017 global production will rise while demand remains flat. Natural gas prices’ continuing decline was punctuated by a brief rebound on Wednesday following the election of Republican candidate Donald Trump. Last week marked the market’s fourth consecutive weekly loss as storage climbed to record levels of over 4,000 Bcf.

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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.

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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.

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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.

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