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UK gas spot prices drop to lowest since September 2010 LONDON: British spot gas prices traded at their lowest since September 2010 on Monday morning as healthy supplies clashed with low summer demand and high storage levels following a mild winter and spring.Gas prices for delivery the next working day traded as low as 35.00 pence per therm, their weakest since touching 33.45 pence per therm on Sept. 20, 2010.By 0812 GMT the contract was trading at 35.10 pence per term, down 1.30 pence on Friday's close.Traders said the weak prices resulted from low demand following unusually mild weather in Britain since last autumn, coupled with healthy supply after the return of the St Fergus gas terminal and available liquefied natural gas (LNG) supplies.The St Fergus terminal, which went into an outage of 10 million cubic metres (mcm) per day on May 30, resumed gas supplies in the afternoon of July 4.When functioning fully, St Fergus delivers an average of ...
Oil slips towards $110 as supply fears fade LONDON: Brent crude oil slipped to a three-week low under $111 a barrel on Monday as Libya geared up to resume oil exports from two ports closed for nearly a year.The North Sea oil benchmark dropped 2.3 percent last week, its biggest weekly decline since January on the Libyan news and as Iraq's oil exports have remained largely unaffected by fighting in the north of the country.Supply of oil to several major markets, including Europe, ...
West Africa Crude-Grades slip further on sluggish demand LONDON: Nigerian crude oil price differentials remained under pressure on Friday having fallen this week, weighed down by slack demand from large Asian buyers.Nigeria's largest stream, Qua Iboe, was assessed at its lowest premium to dated Brent in two years. Refining margins in Europe and Asia have been weak, curbing non-essential buying interest, say traders."Margins and cracks have improved, but it does not seem to changed things very much," said one.With ample supply of Nigerian ...
Russian gas flows to Europe via Ukraine stable on Monday: Gazprom MOSCOW: Russia's Gazprom said on Monday Russian gas flows to Europe via Ukraine remained stable.Gazprom cut gas supplies to Kiev on June 16 after Ukraine failed to pay off at least part of its gas debts. Europe gets around a third of its gas needs from Russia.Copyright AFP (Agence France-Presse), 2014 ...
Total to drill Denmark's first shale gas test wells in Dec or Jan OSLO: French energy major Total plans to drill Denmark's first test wells for shale gas in December or January, with drilling expected to last for three months, it said on Friday.The Frederikshavn municipality in northern Denmark gave Total approval last week, saying it expected drilling to start by the end of the summer. Total said on Friday the extent of activities in 2015 would depend on the results of the test, and on obtaining permits ...


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