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December 15th, 2014

Market Summary for the Week of December 8 - 13, 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 the third week in a row. OPEC cut 2015 global demand projections for its crude and the EIA reported gains in storage for both total US stocks and those at Cushing, Oklahoma. Natural gas futures were up and down last week on mixed weather forecasts for the end of December into February. The January contract ended the week at $3.80 per MMBtu, right where it settled the previous Friday, December 5.

To view the complete Market Summary, click here.

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