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February 2nd, 2015

Market Summary for the Week of January 26 - 30, 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%

Brent and WTI were headed for a weekly drop but both jumped on Friday as Baker Hughes reported another steep drop in the number of operating oil rigs in the US. On the bearish side, the EIA reported another large gain in crude stocks. Natural gas futures capped a second monthly decline last week on speculation that US gas production will erase the current supply deficit while mild weather limits heating demand. Futures dropped 9.9% last week for the ninth weekly decline in the past ten weeks.

To view the complete Market Summary, click here.

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