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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. 

To view the complete Market Summary, click here.

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