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November 10th, 2014

Market Summary for the Week of November 3 - November 7, 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 and Brent prices continued to trickle down last week, with big losses on Monday and Tuesday. OPEC reduced global crude demand projections through 2035 and Saudi Arabia reduced crude prices to the U.S., furthering the already-bearish supply and demand balance. Natural gas capped another week of gains last week; futures rose steadily on forecasts for colder-than-average temperatures for most of the U.S. through next week. The cold weather is expected to increase heating demand and limit the final storage gains of the injection season.

To view the complete Market Summary, click here.

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