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Prompt gas prices slide as supply outstrips demand LONDON: Prompt natural gas prices fell on Monday as supply outpaced demand and expectations of liquified natural gas (LNG) deliveries weighed on the market.The within-day contract traded at 49.65 pence per therm at 0845 GMT, down 2.2 pence since its last settlement. Prices for delivery on Tuesday were down 1.95 pence at 49.95 pence per therm.With supply flows at about 307.1 million cubic metres (mcm) per day on Monday and demand expected to be about 280 mcm, the system was 27.1 mcm oversupplied, National Grid data showed.Expected shipments of LNG also weighed on prices traders said. The Zarga, Al Oraiq and Rasheeda tankers are due to arrive in Britain this week from Qatar, while the Methane Jane Elizabeth tanker is due to arrive from Trinidad, according to ship-tracking data on Reuters Eikon.Meanwhile analysts at Thomson Reuters Point Carbon said Ukraine's $15 million payment for Russian gas supplies on Friday had ...

Brent oil may hover below resistance at $63.40 SINGAPORE: Brent oil faces a resistance at $63.40 per barrel and may continue to hover below this level or retrace towards a support at $59.10.The resistance and the support are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the fall from the Nov. 21, 2014 high of $81.61 to the Jan. 13 low of $45.19.Oil failed to break the resistance at its first attempt on February 17; it may fail ...

Oil falls 1pc on weak China outlook, higher Libya production SINGAPORE: Oil fell about 1 percent on Monday after posting its first monthly rise since June, pressured by continued weakness in China's vast manufacturing sector and higher Libyan crude output.The Chinese central bank cut benchmark lending and deposit rates a day before it released official data that showed a second consecutive month of shrinking manufacturing activity for February."While the Chinese New Year is impacting the numbers, the second consecutive sub-50 reading for the Chinese manufacturing ...

Oil prices stabilise in Asian trade SINGAPORE: Oil prices stabilised in Asia Monday following sharp gains in the previous session as dealers predicted the end of volatile trading and the beaten-down commodity bottoming out, analysts said. US benchmark West Texas Intermediate (WTI) for April delivery fell 37 cents to $49.39 while Brent crude eased 28 cents to $62.30 in late-morning trade. WTI advanced $1.59 while Brent gained a hefty $2.53 on Friday.WTI, after having fallen in early 2015 to a six-year ...

Libya's oil production more than 400,000 bpd: NOC Official TRIPOLI: Libya's oil production is now at more than 400,000 barrels per day (bpd), an increase from recent levels when fighting between rival armed groups closed two key ports, an official from the National Oil Corporation said on Sunday.Libya's crude output has been battered by conflict between two rival governments battling for control of the North African country. Production is well below the 1.6 million bpd levels before the 2011 civil war that ousted Muammar ...

Iraq predicts oil will rise to $64-65 per barrel BAGHDAD: Iraqi Oil Minister Adel Abdel Mahdi said Sunday he expects the price of crude oil, which dropped to a six-year low in January, to continue recovering to reach $64 or $65 per barrel. "I don't think they (prices) will return to their former levels immediately... We expect them to rise more, probably to $64 or $65," he told reporters.Brent North Sea crude, the global benchmark, had tumbled to $45 per barrel at the beginning ...

Norway's gas output to be cut by 36 mcm/day on Sunday OSLO: Norway's gas production capacity will be cut by 35.6 million cubic meters (mcm) on Sunday due to several outages, including at the country's biggest offshore field Troll, operators said. Output from the Troll field is to be cut by 22.9 mcm, and from nearby Kvitebjoern field by 6.9 mcm/day, gas system operator Gassco said on its website. The two outages started on Saturday and come in addition to an ongoing reduction of 4.9 mcm/day ...


Index Closing Chg%
Arrow DJIA 18,288.63 0.86
Arrow Nasdaq 5,008.10 0.90
Arrow S&P 2,117.39 0.61
Arrow FTSE 6,940.64 0.09
Arrow DAX 11,410.36 0.08
Arrow CAC-40 4,917.32 0.69
Arrow Nikkei 18,826.88 0.15
Arrow H.Seng 24,887.44 0.15
Arrow Sensex 29,459.14 0.33

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln