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December 4th, 2017

Market Summary for Week of November 27 - December 1, 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 prices saw an overall drop last week despite OPEC and Russia’s agreement to extend production cuts through 2018. Domestic production continues to set record highs and oil rigs are at an 11-week high. In contrast, natural gas prices saw 5% gains last week despite significant losses on Thursday that followed a lower-than-average storage withdrawal. Near-term prices have been volatile for weeks amid shifting weather forecasts and a narrow storage deficit.

To view the complete Market Summary, click here.

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