CES Spotlight Blog

  Blog Categories
October 27th, 2014

Market Summary for the Week of October 20 - October 24, 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 for December has settled each day around $81-82 for the past nine trading days and Brent has fallen into a similar trough around the $86 mark as global crude markets watch for signals as to how OPEC states will respond to the current bear market. Natural gas capped a third consecutive week of declines, with the prompt-month contract falling to an eleventh-month low. The November contract ended the week at $3.62 per MMBtu on mild forecasts and news of another above-average storage gain.

To view the complete Market Summary, click here.

Blog Home »