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February 23rd, 2015

Market Summary for the Week of February 16 - 20, 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%

WTI and Brent both fell last week. The EIA reported the sixth consecutive gain in crude oil stocks and production rose for the second straight week. However, exports from Iraq and Libya are down due to geopolitical unrest. Natural gas capped a second consecutive week of gains on forecasts for below-average temperatures across the country through the first week of March. The EIA reported another below-average storage withdrawal, resulting in the first surplus to the five-year average storage levels since November 2013.

To view the complete Market Summary, click here.

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