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February 29th, 2016

Market Summary for the Week of February 22 - 26, 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 and Brent prices moved up last week on concern that Russia and OPEC states could move on a coordinated production freeze next month. Domestically, this news was tempered by record crude oil storage levels at the NYMEX storage hub and 86-year highs in total US stocks. Natural gas futures capped a fourth straight weekly decline as above-average temperatures are expected across much of the US at the start of March. The EIA reported a smaller-than-expected storage withdrawal last week, pushing prices to a 17-year low.

To view the complete Market Summary, click here.

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