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February 9th, 2015

Market Summary for the Week of February 2 - 6, 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%

Both WTI and Brent have sharply reversed trend, curbing the steep decline over the past seven months. WTI has gained each of the past seven trading days except for one; analysts expect that the market may have reached a bottom. Natural gas futures fell 4.2% last week to cap the tenth weekly decline in eleven weeks. The March contract ended the week at $2.58 per MMBtu—the lowest prompt-month settlement since June 30, 2012.

To view the complete Market Summary, click here.

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