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February 8th, 2016

Market Summary for the Week of February 1 - 5, 2016

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 prices saw a weekly drop after climbing for two straight weeks. WTI trended down as US stockpiles rose to the highest since 1930, but Brent’s premium grew last week on chatter of global production cuts. Natural gas futures fell last week on speculation that this winter’s coldest weather could be over. The current supply glut is the largest surplus to the five-year average since 2012 and is likely to linger into the second half of 2016.

To view the complete Market Summary, click here.

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