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January 20th, 2015

Market Summary for the Week of January 12 - 16, 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%

Prompt month WTI rose for the first time in eight weeks, although the gain was a mere 0.7%. Brent crude saw an eighth week of losses as OPEC once again cut demand forecasts and two major banks cut 2015 price forecasts. Natural gas futures fell to a 28-month low last Monday before seeing the largest one-day gain since February 2014 on Wednesday. Futures capped the first weekly gain since November on forecasts for below-average temperatures through the Midwest and Northeast.

To view the complete Market Summary, click here.

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