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March 23rd, 2015

Market Summary for the Week of March 16 - 20, 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 gained for the first time in five weeks, the only contract in the nearest 18 months to do so. Despite the domestic and global supply glut, both Brent and WTI rose on Wednesday and Friday as the dollar fell against other world currencies. Natural gas futures continue to react to mixed weather forecasts, with the April contract gaining 2.2% last week. Thursday’s storage report brought news of a smaller-than-expected withdrawal, increasing the surplus to year-earlier totals to 52.8%.

To view the complete Market Summary, click here.

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