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UK gas prices edge lower as Norwegian imports boost supply LONDON: Prompt natural gas prices in Britain eased on Tuesday, as a rise in flows from Norway's Vesterled pipeline added to oversupply in the system.Prices for next-day delivery eased to 54.20 pence per therm at 1018 GMT, down 0.4 pence from the previous settlement.The UK gas system was 12 million cubic metres oversupplied.Deliveries from Norway to Britain rose by 6 million cubic metres (mcm) per day from the previous day to 131 mcm/day on Tuesday, close to a maximum of 138 mcm/day Norway can deliver on three pipelines."The UK is receiving slightly more gas than yesterday from Norway, all of which through Vesterled," Thomson Reuters Point Carbon analysts said.Temperatures were expected to briefly rise above normal for this time of year, temporarily easing demand for heating, before dipping again at the end of the week."The system opening this morning long once again has seen the slide on prompt prices continue, ...

Brent crude oil rebounds after hitting 5-year low below $66 LONDON: Brent crude oil hit a fresh five-year low on Tuesday before rebounding to near $67 a barrel, as some buyers emerged in the hope that prices are bottoming following a more than 40 percent slide since June.Fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries to manage supplies, sending prices sharply lower in anticipation of a large oil glut early next year."Although talks of oil reaching its ...

Russian oil use to sink, exports rise on sanctions, tax revamp MOSCOW/LONDON: Russian fuel exports to Europe could surge next year due to tax changes and a slump in domestic demand, stemming from a recession brought on in part by Western sanctions, analysts say. More Russian diesel and gasoline exports heading to Europe would be another hard blow for the continent's struggling oil refiners. In Russia, economic ills are converging with long-planned tax changes, approved by President Vladimir Putin last month, which will cut export tariffs ...

Japan LNG spot price falls to $14.40/mmBtu in Nov TOKYO: Liquefied natural gas (LNG) spot prices for Japanese buyers fell in November after two straight months of rises, the government said on Tuesday, as faltering demand in Asia combined with rising supply from countries including Australia and Russia.Asian LNG buyers face the prospect of lower import costs over winter for the first time since the Fukushima nuclear disaster in 2011 due to rising supplies.Spot LNG contracted in November for delivery to Japan averaged $14.40 ...

Australia shares post biggest drop in a week; energy, resources slump SYDNEY: Australian shares dropped 1.7 percent on Tuesday on a broad-based sell-off as renewed concerns about global growth, sinking oil prices and declining business confidence at home kept buyers at bay. The S&P/ASX 200 index fell 90 points, the biggest drop in a week, to 5,321.8 at the close of trade. On Monday, the index rose 0.7 percent. Energy stocks Sundance, Santos and Drillsearch took a beating as oil slumped to near 5-year lows while ...

Oil reaches new depths, rush to safety rescues yen SYDNEY: Oil prices skidded to fresh five-year lows on Tuesday, pressuring commodity-linked currencies and most Asian shares as a bout of risk aversion rippled through world markets. The urge for safety gave a rare boost to the Japanese yen which notched up particularly large gains on the beleaguered Australian and New Zealand dollars. Much of the action was in oil where a glut of supply has seen prices fall for almost six months now, so ...

Oil drops $2 to five-year low on oversupply LONDON: Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.In a report dated Dec. 5, Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The U.S. investment bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to ...


Index Closing Chg%
Arrow DJIA 17,356.87 1.69
Arrow Nasdaq 4,644.31 2.12
Arrow S&P 2,012.89 2.04
Arrow FTSE 6,336.48 0.07
Arrow DAX 9,544.43 0.20
Arrow CAC-40 4,111.91 0.46
Arrow Nikkei 16,819.73 0.38
Arrow H.Seng 22,585.84 0.37
Arrow Sensex 26,710.13 0.27

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln