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February 22nd, 2016

Market Summary for the Week of February 15 - 19, 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 was volatile over the four days of trading last week, but the March contract finished the week with little overall change. Brent saw a slight weekly decline as the crude oil supply glut overshadowed speculation of a coordinated production cut by OPEC and non-OPEC states. Natural gas futures fell for a third straight week as heating demand continues to fade. The lack of seasonal winter weather is expected to increase the largest supply glut since 2012 and carry it into late 2016.

To view the complete Market Summary, click here.

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