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January 11th, 2016

Market Summary for the Week of January 4 - 8, 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 fell each day last week, and both WTI and Brent are now at 12-year lows. A surge in domestic supplies of gasoline and distillate brought prices down mid-week, while volatility in China’s stock market and currency are adding to the bearish sentiment. Natural gas futures capped a third consecutive week of gains, as larger-than-expected storage withdrawals and colder forecasts continue to have bullish effects on the market.

To view the complete Market Summary, click here.

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