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March 9th, 2015

Market Summary for the Week of March 2 - 6, 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 has remained around the $50 mark while Brent fell slightly last week, decreasing the spread between the two benchmarks by $2.70 from the previous week. Both domestic crude stocks and production rates continue to rise despite a decreasing oil rig count. Natural gas futures rose last week as forecasts called for a blast of cold weather before temperatures warm up to above average for most of the lower forty-eight states. Prices climbed 3.8%, capping the third week of gains in the past four weeks.

To view the complete Market Summary, click here.

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