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October 31st, 2016

Market Summary for the Week of October 24 - 28, 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 came down last week as OPEC’s production freeze slipped further from being a reality. A handful of members have requested exemptions, while non-OPEC producers are waiting for the group to come to an agreement before making a commitment. Early last week natural gas prices fell dramatically on continued forecasts of mild weather. Prices rallied Thursday and Friday following the EIA’s report of rising demand, but ultimately closed at a second consecutive weekly loss.

To view the complete Market Summary, click here.

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