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January 8th, 2018

Market Summary for Week of January 1 - 5, 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 prices rose last week, briefly surpassing $62 for WTI and $68 for Brent. Domestic crude stocks shrunk for a seventh consecutive week and anti-government protests grew in Iran, OPEC’s third largest producer. Natural gas prices fell 5.4% last week, retreating after strong gains during the New Year’s cold snap. Demand is forecasted to decline from record highs as temperatures ease in the East through mid-January.

To view the complete Market Summary, click here.

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