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December 22nd, 2014

Market Summary for the Week of December 15 - 19, 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 fell for a fourth consecutive week, falling to their lowest points since May 2009 on Thursday as Russia echoed OPEC’s plan to not decrease production. On Friday, Saudi Arabia stated that the slump in crude prices will be temporary, adding volatility to the market. Natural gas futures fell last week, as forecasts for mild temperatures across the lower fortyeight states pushed prices to 13-month lows. The January contract fell to $3.46 per MMBtu on Friday—the lowest prompt month settlement since November 4, 2013.

To view the complete Market Summary, click here.

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