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November 9th, 2015

Market Summary for the Week of November 2 - November 6, 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%

Crude oil slid last week, erasing the gains from the previous week. The EIA storage report was bearish on prices, showing a gain in stocks coupled with a decrease in demand for crude products. Natural gas inventories tied the record storage level from November 2012 during the week ended October 30, but the EIA’s report was smaller than analysts were expecting. Futures capped a second straight weekly gain on this news and as forecasts turned cooler for parts of the US.

To view the complete Market Summary, click here.

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