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UK gas prices edge upwards on lower Norway flows LONDON: Natural gas prices in Britain rose slightly on Tuesday morning as colder weather and a drop in flows via the Langeled pipeline from Norway added to market tightness.Prices for within-day delivery were trading at 43 pence per therm at 0823 GMT, up 0.25 pence since their last settlement. Prices for delivery on Wednesday were up 0.1 pence at 42.9 pence.The market was seen 12.5 million cubic metres (mcm) undersupplied, with supply flows forecast at 151.1 million cubic metres (mcm) per day and demand seen at 163.6 mcm, National Grid data showed.Further along the curve, gas for September delivery was up 0.05 pence at 42.8 pence per therm.Temperatures on Tuesday were seen more than 3 degrees Celsius below seasonal averages, Thomson Reuters Point Carbon data showed.Analysts saw potential for higher prices because a rise in continental demand would reduce Norwegian gas available for Britain and is likely boost UK storage ...

Brent remains close to 14-month lows on weak demand LONDON: Brent crude oil prices on Tuesday were close to 14-month lows reached the previous day as weak demand and improving supplies weighed on the market, although global political risk still provided some support.Brent shed nearly $2 on Monday as investor worries over conflict in Iraq eased and as higher Libyan oil output added to already ample supplies.Brent crude oil prices for delivery in October were up 11 cents at $101.71 a barrel by 0940 ...
Britain's gas trading crown at risk as euro boosts Dutch appeal LONDON: Britain's dominance in European natural gas trading is under threat from a Dutch trading hub where volumes are soaring, buoyed in part by Europe's utility companies who prefer to hedge their deals in euros.Britain has been the region's leading gas trading hub since North Sea oil and gas discoveries in the 1970s made it Europe's main producer. This position was cemented when it liberalised its energy markets in the 1990s, meaning much of its ...
Oil slumps to 14-month low in poor start to week LONDON: Oil prices dived to a 14-month low on Monday, spurred by worries over soft global crude demand, abundant supplies and easing concerns about conflicts in Ukraine and Iraq, dealers said.Brent North Sea crude for October sank as low as $101.16 per barrel, reaching a level last seen on June 26, 2013. It later stood at $101.23, down $2.30 from Friday's closing level.Also on Monday, US benchmark West Texas Intermediate (WTI) for delivery in September ...
Oil sinks to lowest since June 2013 as supply risks ease LONDON: Oil fell below $102 a barrel to its lowest in over a year on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.Crude jumped on Friday after the government in Kiev said its artillery had partially destroyed a Russian armoured column. While fighting between Ukrainian forces and pro-Moscow separatists continues, fears of a further escalation proved unfounded."It became apparent on Friday ...
Oil prices slide in poor start to week LONDON: World oil prices fell sharply on Monday, handing back pre-weekend gains on easing supply worries in both Ukraine and Iraq, dealers said. US benchmark West Texas Intermediate (WTI) for delivery in September dropped $1.01 to $96.34 a barrel. Brent North Sea crude for October sank $1.25 to $102.28.The oil market had surged late on Friday after Kiev said that Ukrainian forces had destroyed part of a Russian military convoy that entered its territory."It became ...
Rosneft begins oil prospecting off Norway despite sanctions MOSCOW: Russian state oil giant Rosneft, despite tightening Western sanctions, said Monday it had started exploring for oil in a joint project with Norway's Statoil.The two companies "started exploration operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea," Rosneft said in a statement.The test well will descend 422 metres (1,385 feet) through the Arctic waters and then bore through the soil to a total depth of 1,516 metres in ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln