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March 2nd, 2015

Market Summary for the Week of February 23 - 27, 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 came down for the second straight week while Brent gained, pushing the spread between the two benchmarks into the double digits. Domestic crude stocks and production both continue to rise despite a falling oil rig count. Natural gas futures fell last week as production rates continue to overwhelm heating demand. However, futures also capped the first monthly gain since November as prices climbed throughout February in response to below-average temperatures.

To view the complete Market Summary, click here.

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