CES Spotlight Blog

  Blog Categories
September 29th, 2014

Market Summary for the Week of September 22 - 26, 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%

Crude oil WTI for the near-term months rose last week on EIA data showing a large withdrawal from inventories and also on positive second quarter GDP growth. Brent crude fell as global production rose, particularly from the US and Libya. Both the October and November natural gas contracts rose four out of five days last week, capping weekly gains on speculation that below-average temperatures in the Midwest and central US will limit storage injections before the official start to the winter heating season.

To view the complete Market Summary, click here.

Blog Home »