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Oil at 3-month low near $106 as supply fears ease LONDON: Brent crude oil slipped towards $106 a barrel on Monday, its lowest for three months, depressed by signs of improving supply from key producers and weak demand in some consuming centres.The North Sea benchmark peaked above $115 last month as an Islamist insurgency swept across western Iraq, taking control of large parts of the oil-producing country including its biggest refinery.The insurgency now holds large swathes of Iraq but is hundreds of kilometres from the country's main oil-producing and exporting centres in the south and the fighting has had little impact on oil supplies.Meanwhile, oil output in Libya has increased in the last few weeks and extra supplies of its high-quality, light crude are expected to start flowing to markets soon, traders say."The key drivers now are the possible return of significant flows from Libya, as well as weak physical markets," said Michael Wittner, oil analyst at French bank Societe ...
UK gas prices rise on reduced domestic gas production LONDON: Wholesale natural gas prices in Britain rose on Monday morning due to undersupply caused by a drop in the amount of gas received by the St Fergus gas terminal from the UK Continental Shelf (UKCS).Prices for delivery on Tuesday were trading at 36.50 pence per therm by 0837 GMT, 2.10 pence, or 6 percent higher, than the previous settlement.Prices for immediate delivery were 0.70 pence higher at 36.50 pence per therm.Britain's gas system was ...
Oil slips to 2-month low below $108 on slack US demand LONDON: Oil fell to a two-month low under $108 a barrel on Thursday, extending its longest losing streak in four years, pressured by weak gasoline demand in the United States and the prospect of rising supply from Libya.Data showed an increase in U.S. gasoline inventories last week, indicating demand was not as strong as expected during the peak summer driving season.Brent crude fell 31 cents to $107.97 a barrel by 0837 GMT, down for a ...
Oil slips towards $108, heading for 3rd weekly loss LONDON: Oil headed for its third straight weekly loss on Friday as worries about supply losses in the Middle East and North Africa eased, pushing North Sea Brent crude down towards $108 a barrel. Oil has weakened over the last month but the market remains nervous about further supply shocks.The International Energy Agency (IEA) said on Friday that oil output remained at risk in several key producing regions. "Supply risks in the Middle East and ...
UK gas prices for immediate delivery edge up on short system LONDON: British wholesale natural gas prices for immediate delivery edged up on Wednesday as the system was slightly undersupplied but contracts for delivery the next day were down on the back of a more balanced outlook.Prices for delivery within the day were trading at 36.20 pence per therm at 0830 GMT on Wednesday, up 0.27 pence since their last settlement, while prices for delivery on Thursday were down 0.3 pence to 36 pence a therm."The ...

 





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