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December 8th, 2014

Market Summary for the Week of December 1 - 5, 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 were stable last week, maintaining losses from the week of Thanksgiving. The global crude market has seen a steep decline as OPEC is engaged in a price war with US producers at a time when economies are still recovering from the Great Recession. Natural gas futures capped a week of declines last week as forecasts for the lower forty-eight states called for above-average December temperatures. Warmer weather is expected to keep withdrawals below the respective five-year average withdrawals, reducing the current storage deficit.

To view the complete Market Summary, click here.

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