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January 26th, 2015

Market Summary for the Week of January 19 - 23, 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 declined last week, although prices have been comparatively stable for the past two weeks after a steep run of losses through December and the first half of January. The EIA reported a storage gain that was the highest in fourteen years, which was largely due to refinery outages. Natural gas futures fell last week for an eighth week of declines in nine weeks, despite forecasts for below-average temperatures for two-thirds of the US at the start of February and anticipated aboveaverage storage withdrawals due to these temperatures

To view the complete Market Summary, click here.

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