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December 1st, 2014

Market Summary for the Week of November 24 - November 28, 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%

Prompt month WTI and Brent both plummeted last week, with steep drops at the end of the week after OPEC members announced that they would not cut production targets in reaction to slumping oil prices. Natural gas futures also fell last week, despite a record-breaking withdrawal reported for the week ended November 21. The January contract fell to $4.09 per MMBtu on Friday as above-average temperatures are expected across the country through December 10.

To view the complete Market Summary, click here.

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