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December 21st, 2015

Market Summary for the Week of December 14 - 18, 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%

Prompt month WTI is very close to where it was in December 2008, when it hit a low of $33.87 during the financial crisis. Brent prices are also close to seven-year lows as a global supply glut persists amid high production levels from the US and OPEC. Natural gas futures hit a sixteen-year low last week as forecasts continue to call for above-average temperatures, limiting heating demand. Thursday’s EIA report announced the smallest withdrawal on record for the week ended December 11.

To view the complete Market Summary, click here.

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