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November 13th, 2017

Market Summary for Week of November 6 - 10, 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 soared last Monday and held on to those gains throughout the week. Political upheaval in Saudi Arabia boosted prices, as well as an indication that Nigeria may opt into the OPEC production cuts at their next meeting November 30. Natural gas futures gained 7% last week amid expectations for a small storage gain and cold temperatures across the northern U.S. Current inventories remain slightly below normal at a 1.8% deficit to the 5-year average.

To view the complete Market Summary, click here.

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