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November 23rd, 2015

Market Summary for the Week of November 16 - November 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%

WTI and Brent prices were stable last week, with prompt month WTI hovering just above the $40 mark. The IS attacks in Paris had a brief bullish impact, but the global supply overhang is buffering prices against geopolitical influences. Natural gas futures capped the largest weekly decline since January last week as record-high storage levels continue to grow. Prices have also posted the largest year-to-date decline in five years, falling 26% so far in 2015.

To view the complete Market Summary, click here.

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