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March 13th, 2017

Market Summary for the Week of March 6 - 10, 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 plummeted to three-month lows last week as record US storage and high production rates continue to counteract the market impact OPEC's production cuts. This could reverse course as refineries ramp back up as maintenance season ends. Natural gas prices rose for the second week in a row as forecasts indicate a cold end to March and the Northeast faces a late-winter storm. Gas stocks are still poised to end the heating season above average, with the current surplus at 19% to the 5-year average. 

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March 6th, 2017

Market Summary for the Week of February 27 - March 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 continue to hold steady in a narrow band of $53-54 for the prompt month. The glut in US stocks continued to grow, as does the US production rate. This is weighing on prices and limiting the impact of the production cuts by OPEC and non-OPEC states. Natural gas prices rose last week alongside news of a cold snap in the northeast that could support somewhat renewed heating demand after weeks of mild weather. The EIA reported an unprecedented February net storage injection which brought storage surplus to 14% to the 5-year average.

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February 27th, 2017

Market Summary for the Week of February 20 - 24, 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 held steady once again last week. OPEC's Secretary General announced the possibility of extending or increasing the joint production cuts; meanwhile the US is seeing record crude oil storage levels and increasing production. Natural gas prices plummeted on Tuesday amid unseasonably warm weather that has dampened heating demand and led to lower-than-average storage draws. These losses mark the fourth consecutive weekly drop in the gas market.

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February 13th, 2017

Market Summary for the Week of February 6 - 10, 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 was volatile early last week but ended with very little net change. US stocks saw the second-highest weekly gain on record and US production continues to rise, but the OPEC cuts continue to boost prices as they are expected to gradually erode the global supply glut. Natural gas prices rose and fell last week amid mixed weather reports, closing on Friday with little weekover-week change. Storage remains at a slights surplus to the 5-year average following a reported storage draw of 152 Bcf.

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February 6th, 2017

Market Summary for the Week of January 30 - February 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 ticked up very slightly last week, still pushing up against $54 per barrel for the prompt month. OPEC members have wrapped up the first month of production cuts, although concrete figures have yet to be seen. Tensions between the US and Iran also boosted prices. Natural gas fell last week amid forecasts of a warm start to February that could hold down heating demand. The EIA reported a modest storage draw that has brought stock levels to a surplus to the five-year average. 

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