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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.

To view the complete Market Summary, click here.

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