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October 19th, 2015

Market Summary for the Week of October 12 - October 16, 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 backtracked last week, erasing the steep gains made during the week ended October 9. Domestic inventories saw a large gain as refineries ramped down for maintenance, and OPEC states reported the highest production rate in three years. Natural gas futures fell for a fourth week out of the past five as the EIA reported a larger-than-expected storage gain, signaling a weak start to the heating season. The November contract fell to a three-year low on Friday as inventories head for record levels.

To view the complete Market Summary, click here.

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