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September 22nd, 2014

Market Summary for the Week of September 15 - 19, 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%

Crude oil saw little overall movement last week. Prices moved up early last week as the US dollar briefly weakened and OPEC suggested that it may lower production quotas in 2014. Those gains were pared after the EIA reported a gain in stockpiles that doubled projections. Natural gas saw a small weekly decline after prices gained over 15 cents at the start of the week on forecasts for below-average temperatures. However, prices fell Thursday and Friday on news of an above-average inventory gain and on forecasts for above-average temperatures for most of the US, which could decrease heating demand.

To view the complete Market Summary, click here.

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