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February 16th, 2016

Market Summary for the Week of February 8 - 12, 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%

Crude oil prices were tumultuous last week, with WTI gradually falling to $26 on Thursday before surging 12% on Friday on renewed speculation of coordinated production cuts by OPEC. Natural gas futures fell last week as forecasts are calling for the return of above-average temperatures after a cold weekend along the East Coast. The supply glut rose above 23% in Thursday’s EIA storage report.

To view the complete Market Summary, click here.

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