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March 7th, 2016

Market Summary for the Week of February 29 - March 4, 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 have been steadily climbing since early February as OPEC and Russia are set to discuss freezing production at January levels during a meeting scheduled for March 20. Domestically, low gasoline prices are expected to boost demand in the coming months. Natural gas futures capped a fifth straight weekly decline as the EIA announced a storage withdrawal that was less than half of the average decline for this time of year. The supply glut is expected to keep growing as warmer-thanaverage forecasts across the US are signaling the end of winter.

To view the complete Market Summary, click here.

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