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September 21st, 2015

Market Summary for the Week of September 14 - September 18, 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%

Prompt month WTI climbed while the other months declined last week as crude storage levels, production, and imports all fell. Brent saw a drop for all contract months due to high North Sea production amid a global supply glut. Natural gas futures fell to a 15-week low last week as lingering heat across the US is expected to delay the start of the heating season, increasing the current supply surplus. If weekly injections follow last year’s respective track, storage levels could possibly hit the 4 Tcf mark.

To view the complete Market Summary, click here.

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