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November 6th, 2017

Market Summary for Week of October 30 - November 3, 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 continued to climb last week and through today. OPEC meets at the end of November and is increasingly expected to extend the production cut agreement through 2018. A political shakeup for Saudi Arabia over the weekend caused prices to surge today. Natural gas prices slipped early last week but recovered on Thursday and Friday to end the week relatively unchanged; prices have risen steeply today, however, with news of a cold weather expected to boost heating demand across the northern U.S.

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October 30th, 2017

Market Summary for Week of October 23 - 27, 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 WTI saw a gain of 4% last week, led by a 2.4% jump on Friday. Russia and Saudi Arabia once again floated the possibility of extending the joint production cuts through the end of 2018, while US production recovered to pre-Hurricane Nate levels. Natural gas prices fell last week as weather forecasts turned mild for the beginning of November. The losses came despite another lower-than-average storage injection that brought the inventory levels to 1.2% below the 5-year average.

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October 23rd, 2017

Market Summary for Week of October 16 - 20, 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 saw little overall change last week. The EIA released production numbers for the week ending October 13, showing a huge impact from Hurricane Nate. Furthermore, Iraq’s takeover of key oil facilities from the Kurds continues to boost prices. Natural gas prices fell 3% last week as warm weather through the end of October could curb fall cooling demand. Nonetheless, storage levels are expected to remain below the 5-year average as the injection season comes to a close.

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October 16th, 2017

Market Summary for Week of October 9 - 13, 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 finally snapped a 4-week streak of gains, concerned that the rally may have pushed prices above the point supported by fundamentals. Early indications point to increased production by OPEC members for September, causing questions about the cartel’s ability to keep prices boosted. Natural gas prices fell 5% last week as forecasts indicated that mild weather would persist through October, holding down heating and cooling load. With a weak inventory gain, however, storage has slipped below the 5-year average following late-September heat and high exports.
To view the complete Market Summary, click here.

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%

Near-term WTI contracts gained 3-4% last week as US crude stocks fell and OPEC bumped up its projections for 2018 crude oil demand. Also contributing to the bullish sentiment is Iraq’s surprise seizure of oil fields in the Kurdish region in northern Iraq. Natural gas prices rose 5% last week amid lingering cooling demand and slightly lower-than-average storage levels. Forecasts for this winter indicate that weather could follow a La Niña pattern, bringing frigid temperatures that could deplete stockpiles.

 

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October 9th, 2017

Market Summary for Week of October 2 - 6, 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 finally snapped a 4-week streak of gains, concerned that the rally may have pushed prices above the point supported by fundamentals. Early indications point to increased production by OPEC members for September, causing questions about the cartel’s ability to keep prices boosted. Natural gas prices fell 5% last week as forecasts indicated that mild weather would persist through October, holding down heating and cooling load. With a weak inventory gain, however, storage has slipped below the 5-year average following late-September heat and high exports.

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