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October 6th, 2014

Market Summary for the Week of September 29 - October 3, 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 tumbled last week after Saudi Arabia signaled that it would allow oil prices to decrease rather than curb production to reign in global supply. By Friday, prompt month WTI had fallen below the $90 mark for the first time since April 2013, which could curb domestic production. Natural gas futures were strongly influenced by supply levels last week; the November contract fell Tuesday through Thursday on the outlook and news of a triple-digit inventory gain, then rose on Friday on speculation that storage will be more than 5% below last year's levels at the start of the heating season.

To view the complete Market Summary, click here.

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