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December 14th, 2015

Market Summary for the Week of December 7 - 11, 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 have fallen for six consecutive trading days since Friday, December 4. Prompt month WTI tumbled into the $35 range after OPEC decided to continue producing at record levels, even as global demand is projected to contract for 2016. Natural gas futures fell last week as temperatures are expected to remain above average through December. The January contract ended the week below the $2 per MMBtu mark—the second such settlement in the past three years.

To view the complete Market Summary, click here.

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