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September 19th, 2016

Market Summary for the Week of September 12 - 16, 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 climbed last week. The weekly EIA storage report showed a larger-than-projected drop in crude stocks and markets also reacted in anticipation of this week's meeting between OPEC states and Russia to discuss joint action on production rates. Natural gas prices climbed early in the week on high temperatures and cooling demand, but fell on Thursday and Friday in anticipation of mild fall weather in the coming weeks. Stock surplus fell to 8% to the 5-year average.

To view the complete Market Summary, click here.

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