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March 21st, 2016

Market Summary for the Week of March 14 - March 18, 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 has followed an upward trend over the past four weeks. OPEC and Russia set a date of April 17 for their next meeting, domestic gasoline demand is up from this time last year, and the US dollar weakened, all working to boost prices. Natural gas futures rose last week on forecasts for cooler temperatures and winter weather in the Northeast before the start of spring. The EIA’s storage report on Thursday marked the smallest withdrawal on record for this time of year.

To view the complete Market Summary, click here.

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