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November 6th, 2017

Market Summary for Week of October 30 - November 3, 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 continued to climb last week and through today. OPEC meets at the end of November and is increasingly expected to extend the production cut agreement through 2018. A political shakeup for Saudi Arabia over the weekend caused prices to surge today. Natural gas prices slipped early last week but recovered on Thursday and Friday to end the week relatively unchanged; prices have risen steeply today, however, with news of a cold weather expected to boost heating demand across the northern U.S.

To view the complete Market Summary, click here.

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