CES Spotlight Blog

  Blog Categories
September 18th, 2017

Market Summary for Week of September 11 - 15, 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 rallied last week, with the prompt month gaining over 5%. Distillates and gasoline saw more modest gains of 2-3% for contracts in the next twelve months. Global demand forecasts are strong, while production cuts and disruptions are impacting the supply side. Natural gas prices rebounded from last week’s lows as forecasts turned warm and electricity demand began making recovery in the south after Hurricane Irma. Inventory rose more than normal last week, bringing the storage surplus to 1.3% to the 5-year average.

To view the complete Market Summary, click here.

Blog Home »