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Prices firm, supported by cooler weekend weather LONDON: Prompt natural gas prices in Britain were firm on Friday as expectations that cooler weather this weekend will drive up energy demand were only slightly tempered by an oversupplied system. Prices for next-day delivery edged up 0.15 pence to 54.60 pence per therm at 0950 GMT. The UK gas system was 4 million cubic metres oversupplied, with flows forecast at 308 mcm/day and demand at 304 mcm, according to National Grid data. Demand was above the seasonal norm of 282 mcm. Meteorologists forecast temperatures for the coming week as slightly above normal for this time of year, with the exception of a cool spell this weekend, which was supportive of prompt prices. Temperatures were forecast to drop to about 2 degrees Celsius on Saturday, below the seasonal norm of about 5 degrees. Flows from Norway's Langeled were in line with the previous day at around 70 mcm, while BBL ...
Oil sinks below $63 to over 5-year low on supply glut, weak demand LONDON: Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and weak demand outlook. Brent is down around 9 percent this week, some 45 percent below its June peak above $115 per barrel. Oil prices will likely come under further downward pressure, the International Energy Agency said as it cut its outlook for demand growth in 2015 and predicted that ...
Oil slips towards $64, oversupply weighs LONDON: Oil slipped towards $64 a barrel on Thursday and within sight of a five-year low, pressured by signs that already ample supply will be even more plentiful in 2015.Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut.North Sea Brent crude gave up an earlier gain and was ...
Oil resumes decline, falling toward $64, oversupply weighs LONDON: Oil resumed its downward move on Thursday, falling towards $64 a barrel and within sight of a five-year low, pressured by signs that already ample supply will be even more plentiful in 2015.Crude prices sank on Wednesday as OPEC forecast an increasing supply surplus in 2015, U.S. crude inventories unexpectedly rose and OPEC's most influential voice, Saudi Arabia's oil minister, shrugged off the need for an output cut.North Sea Brent crude gave up an ...
UK gas prices down on more Norwegian supply than expected LONDON: British wholesale natural gas prices fell on Thursday morning in reaction to an oversupplied system and after the duration and volume impact of Norwegian gas field outage was reduced.Prices for next-day delivery fell by 0.55 pence to 54.50 pence per therm at 0840 GMT, while within-day gas was also down 0.55 pence at 54.35 pence per therm.The UK gas system was around 13 million cubic metres oversupplied on Thursday, with flows forecast at 304.7 ...