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November 17th, 2014

Market Summary for the Week of November 10 - November 14, 2014

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%

Both WTI and Brent fell again last week. WTI dropped below $75 per barrel in response to Thursday’s EIA report, while Brent fell on economic news out of Asia and on speculation that OPEC will not cut production. Natural gas prices capped a week of declines last week on forecasts calling for milder weather after below-average temperatures cover the lower forty-eight states this week. The December contract dropped to $3.98 per MMBtu on Thursday and then rose to $4.02 on Friday.

To view the complete Market Summary, click here.

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