GAS PRICES DOWN
British wholesale gas prices for the rest of this year fell on Friday after Ukraine and Russia signed a deal which will see Moscow resume supplies of gas over the winter.
Russia is Europe's biggest supplier of gas, providing around a third of the continent's needs, and some of this reaches Britain from European storage sites.
Gazprom estimates it sends around 11 billion-12 billion cubic metres (bcm) to Britain each year, accounting for around 15 percent of total UK supplies.
Prices for wholesale natural gas along the curve fell on Friday morning on news of the deal, but had already been declining on Thursday afternoon in anticipation of an agreement.
The UK gas contract for delivery in November was trading at 52.20 pence per therm at 0837 GMT, down 1.5 percent from the previous settlement but it had earlier touched 52.00 pence per therm, its lowest level since the contract began trading.
The December contract was trading at 54.60 pence per therm, also down 1.7 percent but touched its lowest ever level of 54.40 pence in earlier trade.
TTF gas prices in the Netherlands, which has become Europe's leading natural gas hub, declined slightly.
The TTF price for December was down almost 1 percent at 23.15 euros per megawatt hour, while the first-quarter price was down 1.35 percent at 23.35 euros per megawatt hour.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.