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September 8th, 2015

Market Summary for the Week of August 31 - September 4, 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 prices rose for the nearest five months while falling for the outer contracts. Brent was steady across all months. OPEC gave indications that it may be willing to curb production in response to low prices, but the global glut in stocks is still weighing on the market. Natural gas futures fell 2.2% last week as the storage surplus rose to its highest level since March 2013, and as weather forecasts signaled more seasonal temperatures after this week’s hot start to September.

To view the complete Market Summary, click here.

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