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November 16th, 2015

Market Summary for the Week of November 9 - November 13, 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 prices fell for a second week, with the prompt month reaching the $40 per barrel range on Friday. Both domestic and global crude inventory levels are at relative highs. The US oil rig count reversed trend last week, climbing by 2. Natural gas capped a small decline last week as storage levels reached a new all-time high and as temperature forecasts turned colder for many of the lower forty-eight states.

To view the complete Market Summary, click here.

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