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November 3rd, 2014

Market Summary for the Week of October 27 - October 31, 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%

WTI and Brent capped October with steep losses over the month, despite little movement in the last week. Oil markets are still waiting to see how OPEC states react to an oversupplied market, and so far it appears that they are willing to let prices recede rather than give up market share. The November natural gas contract expired on Wednesday at $3.73 per MMBtu, after falling to $3.56 on Monday—the lowest prompt-month daily settlement since November 19. The December contract capped the largest prompt-month weekly gain since February, climbing 17.5 cents between Monday and Friday

To view the complete Market Summary, click here.

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