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September 5th, 2017

Market Summary for Week of August 28 - September 1, 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 and refined products have been on a short roller coaster ride due to Hurricane Harvey. With its impacts on Gulf Coast refineries, gasoline and diesel prices climbed last week but are stabilizing as refining activity resumes normal operations. Natural gas prices rose 5% last week amid halted production and depressed power burn demand in the wake of then-Hurricane Harvey. Inventory levels are typical for this time of year, with the surplus narrowing to just 0.3% to the 5-year average.

To view the complete Market Summary, click here.

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