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December 26th, 2017

Market Summary for Week of December 18 - 22, 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 climbed last week; futures contracts beyond April 2018 have rallied each trading day since December 13th. Domestic crude stocks have fallen for five straight weeks, while London-traded Brent continues to be impacted by the Forties Pipeline outage. Natural gas prices gained for this winter's contracts, although the outer months fell. Cooler-than-normal forecasts for both Christmas weekend and New Years weekend boosted prices, although heating demand has been muted so far this season.

To view the complete Market Summary, click here.

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