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December 7th, 2015

Market Summary for the Week of November 30 - December 4, 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 tumbled last week, with prompt month WTI ending below $40 on Wednesday and Friday. OPEC’s semiannual meeting resulted in maintaining current production quotas, and the EIA storage report added to the bearish sentiment. Warmer-than-normal forecasts continue to keep natural gas prices low. The EIA reported the first storage withdrawal of the season on Thursday, which was larger than average, but analysts expect warm December weather to keep withdrawals smaller than average throughout the month.

To view the complete Market Summary, click here.

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