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January 9th, 2017

Market Summary for the Week of January 2 - 6, 2016

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 rose for the fourth straight week. WTI and Brent contracts have gradually risen 15% since the end of November as the OPEC-led coalition of producers have agreed to and implemented production cuts. Natural gas prices plummeted last week from end-of-year highs. This followed forecasts of above-average temperatures for most of January that could hold down heating demand relative to previous years.

To view the complete Market Summary, click here.

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