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October 26th, 2015

Market Summary for the Week of October 19 - October 23, 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 trended down for the second consecutive week. The EIA reported a relatively large gain in US stocks, adding to the large surplus versus the five-year average. The downward trend in production has leveled out for four weeks. Natural gas futures fell to their lowest prices since June 2012 last week as warmer-than-normal weather forecasts and new pipeline capacity could boost storage levels to the 4 Tcf mark in November.

To view the complete Market Summary, click here.

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