CES Spotlight Blog

  Blog Categories
January 12th, 2015

Market Summary for the Week of January 5 - 9, 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 fell for the seventh straight week as Russia reported that production rose in December and Iraq announced that it planned to increase exports during January. In the US, stockpiles of refined crude products surged.  Natural gas futures rose three out of five days last week as cold weather increased US heating demand and the EIA reported a larger-than-expected storage withdrawal. Despite these gains, the prompt-month contract capped a seventh week of declines—the longest such streak since early 2010.

To view the complete Market Summary, click here.

Blog Home »