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January 5th, 2015

Market Summary for the Week of December 29, 2014 - January 2, 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%

Brent and WTI both declined for the sixth consecutive week, capping the year with declines of more than 40% for the rolling 12-month strip. Iraq and Russia reported increased production numbers for December, compounding the current supply glut. Natural gas fell below $3.00 per MMBtu on Wednesday, capping the first annual decline since 2011. The EIA reported anotherbelow-average storage withdrawal for the week ended December 26, decreasing the deficit to the five-year average to 2.5%.

To view the complete Market Summary, click here.

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