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November 20th, 2017

Market Summary for Week of November 13 - 17, 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%

The crude oil market finally saw some stability last week. Prices fell mid-week on reduced projections for global crude oil demand and also on doubts as to Russia’s commitment to extending production cuts. However, a large oil spill boosted prices on Friday. Natural gas prices fell last week from the previous Friday’s high close. Late November forecasts turned mild, curbing heating demand projections. The EIA reported the first storage withdrawal of the winter season, bringing inventory levels to a 2.6% deficit to the 5-year average.

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November 13th, 2017

Market Summary for Week of November 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 soared last Monday and held on to those gains throughout the week. Political upheaval in Saudi Arabia boosted prices, as well as an indication that Nigeria may opt into the OPEC production cuts at their next meeting November 30. Natural gas futures gained 7% last week amid expectations for a small storage gain and cold temperatures across the northern U.S. Current inventories remain slightly below normal at a 1.8% deficit to the 5-year average.

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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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