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October 5th, 2015

Market Summary for the Week of September 28 - October 2, 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 was fairly steady last week. Near-term months saw very little change while the outer months declined slightly. Brent followed the same pattern. Economic news out of China pointed to decreased global demand, but US production continued its downward trend. Natural gas futures fell 4.4% last week to cap the largest weekly decline in six weeks. The November contract tumbled to a three-year low on Thursday as Hurricane Joaquin is expected to bring unseasonably warm weather to the East Coast, limiting heating demand.

To view the complete Market Summary, click here.

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