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October 30th, 2017

Market Summary for Week of October 23 - 27, 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%

Prompt month WTI saw a gain of 4% last week, led by a 2.4% jump on Friday. Russia and Saudi Arabia once again floated the possibility of extending the joint production cuts through the end of 2018, while US production recovered to pre-Hurricane Nate levels. Natural gas prices fell last week as weather forecasts turned mild for the beginning of November. The losses came despite another lower-than-average storage injection that brought the inventory levels to 1.2% below the 5-year average.

To view the complete Market Summary, click here.

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