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January 19th, 2016

Market Summary for the Week of January 11 - 15, 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 tumbled again last week, with both prompt month prices closing on Friday below $30. Iran is expected to add to the global supply glut as economic sanctions are gradually lifted, while economic signs from China remain bearish. Natural gas futures fell from an 11-week high last week in response to warmer forecasts and a growing supply glut, capping the largest weekly decline since February 2014.

To view the complete Market Summary, click here.

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