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January 16th, 2018

Market Summary for Week of January 8 - 12, 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 rallied all five days last week. The effects of OPEC’s ongoing production cuts coincided with a drop in US production due to a freeze-off of production wells, and global economic indicators point to rising demand for crude. Natural gas prices surged by 14% last week as the EIA reported the largest storage withdrawal in history. Frigid temperatures leading up to and during the “bomb cyclone” sent heating demand to record highs and curbed production.

To view the complete Market Summary, click here.

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