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January 4th, 2016

Market Summary for the Week of December 28, 2015 - January 1, 2016

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 prices were steady last week. Both benchmarks fell around 30% overall in 2015 as OPEC members continued to produce over-quota and then abandoned production limits entirely in December. Natural gas futures capped the largest weekly gain since February 2014 last week despite a growing supply glut, as colder January temperatures are expected to increase heating demand after a mild December.

To view the complete Market Summary, click here.

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