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September 11th, 2017

Market Summary for Week of September 4 - 8, 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%

Prompt month crude oil gained last week while the other months held steady or declined. The restoration of refining capacity in the Gulf is expected to pare down the large build in crude stocks due to Hurricane Harvey. Natural gas prices fell 6% last week as traders looked ahead to Hurricane Irma to bringing cool weather and power outages when it made landfall in Florida. The EIA reported a larger than average storage gain last week following similar outages in the wake of Tropical Storm Harvey in Texas and Louisiana.

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September 5th, 2017

Market Summary for Week of August 28 - September 1, 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 and refined products have been on a short roller coaster ride due to Hurricane Harvey. With its impacts on Gulf Coast refineries, gasoline and diesel prices climbed last week but are stabilizing as refining activity resumes normal operations. Natural gas prices rose 5% last week amid halted production and depressed power burn demand in the wake of then-Hurricane Harvey. Inventory levels are typical for this time of year, with the surplus narrowing to just 0.3% to the 5-year average.

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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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