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December 28th, 2015

Market Summary for the Week of December 21 - 25, 2015

by Meghan Nee and Michelle Tham, 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%

WTI and Brent both jumped last week, but the spread between the two benchmarks flipped on Tuesday. The repeal of the US ban in crude exports pushed WTI prices up, in conjunction with a large drop in crude storage levels. Natural gas futures rose last week, capping the largest weekly gain in almost two years. The January contract climbed over 26 cents to end the week at $2.03 per MMBtu, settling above $2 for the first time in two weeks.

To view the complete Market Summary, click here.

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