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November 24th, 2014

Market Summary for the Week of November 17 - November 21, 2014

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 prices rose last week after falling for the previous seven; Brent showed a similar trend, rising for the first week in nine. Prices rose late in the week on speculation that OPEC members may agree to production cuts when they meet in Vienna later this week. Natural gas futures responded to the below-average temperatures that covered the lower forty-eight states last week; futures rose 6.1% as cold air increased heating demand and the EIA reported the first withdrawal of the season. The December contract peaked on Thursday, just under $4.50 per MMBtu.

To view the complete Market Summary, click here.

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