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October 13th, 2014

Market Summary for the Week of October 6 - October 10, 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 saw another week of losses. Prompt-month WTI has fallen over 8% over the past two weeks, and Brent traded around the $90 mark late last week. Both global and domestic production are outpacing demand projections for 2014 and 2015. Natural gas saw a weekly decline last week on forecasts for above-average temperatures and on news of the injection season's eleventh triple-digit gain. The EIA is now predicting that storage levels will reach 3.532 Tcf by the end of October, up from the previous estimate of 3.477 Tcf.

To view the complete Market Summary, click here.

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