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October 16th, 2017

Market Summary for Week of October 9 - 13, 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%

Near-term WTI contracts gained 3-4% last week as US crude stocks fell and OPEC bumped up its projections for 2018 crude oil demand. Also contributing to the bullish sentiment is Iraq’s surprise seizure of oil fields in the Kurdish region in northern Iraq. Natural gas prices rose 5% last week amid lingering cooling demand and slightly lower-than-average storage levels. Forecasts for this winter indicate that weather could follow a La Niña pattern, bringing frigid temperatures that could deplete stockpiles.

To view the complete Market Summary, click here.

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