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March 16th, 2015

Market Summary for the Week of March 9 - 13, 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 both fell about $5 per barrel last week. The crude market is bearish on concerns that current domestic crude production rates could test storage limits at Cushing, Oklahoma, in the coming months. Natural gas futures fell last week on mixed weather forecasts and on growth in production rates; the EIA reported the largest withdrawal for the month of March in recorded history, but production continues to overwhelm demand.

To view the complete Market Summary, click here.

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