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October 9th, 2017

Market Summary for Week of October 2 - 6, 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 finally snapped a 4-week streak of gains, concerned that the rally may have pushed prices above the point supported by fundamentals. Early indications point to increased production by OPEC members for September, causing questions about the cartel’s ability to keep prices boosted. Natural gas prices fell 5% last week as forecasts indicated that mild weather would persist through October, holding down heating and cooling load. With a weak inventory gain, however, storage has slipped below the 5-year average following late-September heat and high exports.

To view the complete Market Summary, click here.

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