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October 12th, 2015

Market Summary for the Week of October 5 - October 9, 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 contracts surged 8-9% last week, due in large part to a jump on Tuesday after OPEC’s Secretary General commented that reduced investment in oil projects would soon begin to impact global supply. Natural gas futures capped the first weekly gain in a month as a smaller-than-estimated storage report overshadowed mild temperatures that continue to limit heating demand. Storage levels remained at a 4.5% surplus for a third straight week.

To view the complete Market Summary, click here.

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