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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.

To view the complete Market Summary, click here.

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