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November 30th, 2015

Market Summary for the Week of November 23 - November 27, 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%

WTI and Brent moved very little over the holiday week. The downing of a Russian jet by Turkish forces caused prices to jump on Tuesday, but these gains were erased by the end of the week. Natural gas prices remained low last week as the EIA reported a storage gain for the week ended November 20, the first injection for that timeframe since 2012. Temperatures are expected to be above average across the US at the start of December, limiting seasonal heating demand.

To view the complete Market Summary, click here.

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