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February 20th, 2018

Market Summary for Week of February 12 - 16, 2018

by Peter Bartlett, Senior Account Executive

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 rose last week as the dollar slumped and total US crude stocks rose less than expected. Stocks at the NYMEX storage hub in Cushing, Oklahoma are currently at a three-year low. In contrast, natural gas prices dropped a third consecutive week as the prospect of a warm February weighed on the market. Prices fell 1% despite a larger-than-expected storage withdrawal that left inventories at a 19% deficit to the 5-year average.

To view the complete Market Summary, click here.

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