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February 17th, 2015

Market Summary for the Week of February 9 - 13, 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 and Brent saw increased volatility last week, and both benchmarks ended the week up. The number of domestic oil rigs continued to fall, while oil exports from Iraq and Libya were impacted by weather and violence respectively. Natural gas futures rose last week for the second time in twelve weeks, as cold temperatures are expected for much of the US through the end of February. Despite these gains, futures remain 28% below where they were at the start of the heating season in November.

To view the complete Market Summary, click here.

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