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February 26th, 2018

Market Summary for Week of February 19 - 23, 2018

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. The domestic production rate stalled after 5 straight weeks of gains, and stockpiles at Cushing, Oklahoma, are at the lowest since December 2014. Exports jumped last week, and the current rate is double that of a year ago. Natural gas prices gained 3% last week, halting the steep price slide that began in early February. Forecasts for March show a possible return to colder temperatures that could boost late-season demand erode inventories.

To view the complete Market Summary, click here.

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