The Bord Gáis Energy Index rose 1% in March as rising wholesale electricity prices offset falling oil and gas prices. Wholesale electricity prices increased 6% due to low wind volumes and forced outages of efficient gas and coal plants. Wholesale UK gas prices fell 5% amid mild weather and low demand, though concerns remain about potential disruptions to European gas supplies from Russia through Ukraine due to unpaid gas debts.
The Bord Gáis Energy Index fell 5% in February due to high wind generation and mild weather which lowered wholesale gas and electricity prices in both Ireland and the UK. Approximately 23% of Ireland's electricity was generated by wind, contributing to a 13% drop in wholesale electricity prices. Mild weather also reduced gas demand and prices fell 10% as storage levels increased. The Ukraine crisis did not initially impact prices but they spiked in early March due to concerns over European gas supplies from Russia through Ukraine.
The Bord Gáis Energy Index fell 4% in July due to weaker Brent crude oil, gas, and wholesale electricity prices. Geopolitical tensions in Ukraine continued as Russia suspended gas deliveries, while negotiations with Iran over its nuclear program were extended. Global oil supplies remained strong despite conflicts, weighing on prices. The euro weakened against the dollar and pound, partially offsetting declines in wholesale energy prices in euro terms. Wholesale coal prices rose 7% amid concerns that sanctions against Russia could disrupt supplies.
The Bord Gáis Energy Index fell 5% in April due to lower wholesale gas and electricity prices. Gas prices declined with healthy supply and lower demand, though tensions over Ukraine caused occasional price increases. Falling gas and carbon prices contributed to lower wholesale electricity prices in Ireland. Oil prices saw minor changes and remained in a narrow range.
The Bord Gáis Energy Index fell 3% in September despite rises in wholesale gas, electricity, and coal prices, driven by a 7% drop in Brent crude oil prices due to easing geopolitical tensions over Syria and Iran. UK wholesale gas prices rose 4% in September as utilities replenished depleted storage stocks, while electricity prices increased 5% due to higher gas and carbon prices. Coal prices increased 7% on short-covering and expectations of tighter supply.
The Bord Gáis Energy Index was unchanged in May as rising Brent crude oil prices offset falling wholesale gas and electricity prices. Brent crude remained around $110 per barrel due to geopolitical tensions and concerns about spare global oil capacity over the summer. Wholesale gas prices fell to 31⁄2 year lows due to high stock levels and mild winter demand. Electricity prices dropped 4% as gas-fired generation dominates Irish supply. The Euro weakened against the dollar and pound on expectations the ECB will cut rates in June to boost inflation and growth.
1) The Bord Gáis Energy Index fell 3% in May due to weaker wholesale gas and electricity prices, though the drop was softened by a weakening euro.
2) Brent crude oil prices were unchanged after recovering in previous months, but further gains are uncertain due to the ongoing oil supply glut.
3) Gazprom's profits declined in 2014 due to lower European demand, higher costs, and disputes with Ukraine over gas transit, and the company faces potential EU fines over antitrust issues.
1) The Bord Gáis Energy Index fell 9% in March as wholesale prices of oil, gas, coal, and electricity all recorded losses. A framework agreement between Iran and world powers added downward pressure on oil prices by potentially adding 1 million barrels per day of Iranian oil to global markets, though experts say this increase may not occur until 2016.
2) Natural gas prices in the UK fell as strong liquefied natural gas imports increased supplies. Coal prices also weakened due to high stock levels in Europe and declining demand from China.
3) Irish wholesale electricity prices fell due to lower gas and coal prices, but prices were also influenced by the intermittent pattern of wind power, which at times led to price
The Bord Gáis Energy Index fell 5% in February due to high wind generation and mild weather which lowered wholesale gas and electricity prices in both Ireland and the UK. Approximately 23% of Ireland's electricity was generated by wind, contributing to a 13% drop in wholesale electricity prices. Mild weather also reduced gas demand and prices fell 10% as storage levels increased. The Ukraine crisis did not initially impact prices but they spiked in early March due to concerns over European gas supplies from Russia through Ukraine.
The Bord Gáis Energy Index fell 4% in July due to weaker Brent crude oil, gas, and wholesale electricity prices. Geopolitical tensions in Ukraine continued as Russia suspended gas deliveries, while negotiations with Iran over its nuclear program were extended. Global oil supplies remained strong despite conflicts, weighing on prices. The euro weakened against the dollar and pound, partially offsetting declines in wholesale energy prices in euro terms. Wholesale coal prices rose 7% amid concerns that sanctions against Russia could disrupt supplies.
The Bord Gáis Energy Index fell 5% in April due to lower wholesale gas and electricity prices. Gas prices declined with healthy supply and lower demand, though tensions over Ukraine caused occasional price increases. Falling gas and carbon prices contributed to lower wholesale electricity prices in Ireland. Oil prices saw minor changes and remained in a narrow range.
The Bord Gáis Energy Index fell 3% in September despite rises in wholesale gas, electricity, and coal prices, driven by a 7% drop in Brent crude oil prices due to easing geopolitical tensions over Syria and Iran. UK wholesale gas prices rose 4% in September as utilities replenished depleted storage stocks, while electricity prices increased 5% due to higher gas and carbon prices. Coal prices increased 7% on short-covering and expectations of tighter supply.
The Bord Gáis Energy Index was unchanged in May as rising Brent crude oil prices offset falling wholesale gas and electricity prices. Brent crude remained around $110 per barrel due to geopolitical tensions and concerns about spare global oil capacity over the summer. Wholesale gas prices fell to 31⁄2 year lows due to high stock levels and mild winter demand. Electricity prices dropped 4% as gas-fired generation dominates Irish supply. The Euro weakened against the dollar and pound on expectations the ECB will cut rates in June to boost inflation and growth.
1) The Bord Gáis Energy Index fell 3% in May due to weaker wholesale gas and electricity prices, though the drop was softened by a weakening euro.
2) Brent crude oil prices were unchanged after recovering in previous months, but further gains are uncertain due to the ongoing oil supply glut.
3) Gazprom's profits declined in 2014 due to lower European demand, higher costs, and disputes with Ukraine over gas transit, and the company faces potential EU fines over antitrust issues.
1) The Bord Gáis Energy Index fell 9% in March as wholesale prices of oil, gas, coal, and electricity all recorded losses. A framework agreement between Iran and world powers added downward pressure on oil prices by potentially adding 1 million barrels per day of Iranian oil to global markets, though experts say this increase may not occur until 2016.
2) Natural gas prices in the UK fell as strong liquefied natural gas imports increased supplies. Coal prices also weakened due to high stock levels in Europe and declining demand from China.
3) Irish wholesale electricity prices fell due to lower gas and coal prices, but prices were also influenced by the intermittent pattern of wind power, which at times led to price
1) The Bord Gáis Energy Index fell 5% in October due to a 9% plunge in global oil prices from over $115 per barrel in June to $83.78 per barrel in October.
2) Wholesale natural gas prices in the UK increased 4% in October from seasonal higher demand despite record-high stock levels and mild weather so far.
3) The EU emissions trading scheme has failed to adequately incentivize the transition to low-carbon energy sources due to oversupply of carbon credits, keeping prices too low at around €6.59 per tonne of carbon emissions.
Month-on-month the Bord Gáis Energy Index rose 1% in January due to rising wholesale electricity prices as reduced availability of efficient power plants increased costs despite falling UK gas prices and record wind volumes. UK gas prices fell further in January due to ample supplies and continued mild weather, while the euro weakened against the US dollar and British pound on expectations of interest rate hikes in those economies amid positive economic data.
- Brent crude oil prices rose in June due to escalating violence in Iraq from the militant group ISIL seizing territory, raising concerns over global oil supply stability. However, the majority of Iraq's oil production and exports so far remain unaffected.
- Wholesale natural gas and electricity prices in Europe continued to decline due to ample gas supply, offsetting the rise in oil prices and leaving the Bord Gáis Energy Index unchanged month-over-month.
- Coal prices also fell slightly due to weak demand and high stockpiles in Europe.
The Bord Gáis Energy Index from June 2013.
The Bord Gáis Energy Index was stable (-1%) in June as falls in the Irish wholesale electricity, UK Day-ahead gas and European coal prices were counteracted by a rising front month Brent crude oil price.
Gazprom has lowered its forecast for natural gas export prices to non-CIS markets in 2015 due to continued low crude oil prices, on which Gazprom's export contracts are indexed. Gazprom's previous forecast of $242/Mcm has been reduced to $235-242/Mcm. Some analysts advocate shifting Gazprom's long-term contracts to hub-based pricing to avoid constant renegotiation due to oil price volatility. With oil prices expected to remain low, Gazprom may face more calls to change its oil-indexation formula.
- Brent crude oil prices increased in April to $42/barrel and are forecast to average $41/barrel in 2016 and $51/barrel in 2017, higher than previous forecasts. However, futures contracts suggest a wide range of possible prices in coming months.
- U.S. gasoline prices are forecast to average $2.21/gallon this summer, higher than previous forecasts but lower than last summer. U.S. crude oil production is expected to continue declining in 2016 and 2017 after peaking in 2015.
- Natural gas inventories are projected to reach record high levels by the end of October 2016, while prices are forecast to remain low in 2016 and 2017.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for April 2016. This issue makes a couple of key points re natural gas: (1) U.S. natural gas inventories just finished the winter heating season at their highest level ever, and are expected to be at a record high at the start of next winter heating season in November. (2) This summer natural gas consumption for electricity generation is expected to reach a record high. Here's the natgas section of the STEO, along with a copy of the full report.
The U.S. Energy Information Administration's Short-Term Energy Outlook issued Nov. 10, 2015. The STEO looks at the recent history of oil, natural gas, coal, renewables, etc., and predicts what will happen in the coming months/up to one year out. This report predicts the Henry Hub natural gas spot price to average $2.59/million British thermal units (MMBtu) this winter (October 2015–March 2016) compared with $3.35/MMBtu last winter.
The Bord Gáis Energy Index increased 3% in March as oil prices rallied over 5% on a currency adjusted basis. Other energy sources showed mixed performance, with UK gas down 1%, European coal down 3% and Irish electricity up 1%. Oil prices rebounded over 10% on expectations that a production freeze agreement between major producers will be reached in April to curb the global oil surplus. However, rebalancing the oil market may take time due to high global inventory levels. The euro strengthened against the US dollar and British pound.
The Bord Gáis Energy Index fell 1% in October 2013 due to modestly softer wholesale gas and electricity prices in Ireland. While wholesale commodity prices were relatively stable, Brent crude oil prices experienced significant volatility within the month due to geopolitical events affecting supply in Libya. The Index level stood at 143 at the end of October.
- In December 2015, the Bord Gáis Energy Index fell 13% as wholesale prices for Brent crude oil, UK gas, European coal, and Irish electricity all recorded losses. The index stood at another record low of 79.
- Prices continued to decline across the board, with oil falling 19% to close below $38/barrel for the first time in a decade due to oversupply and weak demand. Other fuels like UK gas and European coal also recorded losses.
- The euro strengthened against the US dollar and British pound over the month, exacerbating losses in the energy index which is adjusted for currency movements.
The February Bord Gáis Energy Index rose 16% month-over-month as the prices of oil, gas, coal, and electricity all increased. The main driver was a nearly $10 per barrel increase in the price of oil due to falling US rig counts restricting future US oil production growth. Despite the rally in prices, oil remains well below its 2011-2014 price range of $100-120 per barrel due to continued oversupply. Demand growth is not expected to be strong enough in 2015 to significantly reduce inventories and support further price increases.
The document discusses natural gas supplies and infrastructure in Europe. It notes that while Europe has significant regasification capacity for liquefied natural gas (LNG), much of this capacity remains unused. It also notes that Russia currently supplies a large amount of the gas used in Europe. There is potential to diversify supplies through increased use of LNG terminals and infrastructure investments, but this would require large capital expenditures. The document also discusses Poland's shale gas resources and efforts to develop regulations to increase hydrocarbon extraction.
1) Brent crude oil prices averaged $38/barrel in December 2015, the lowest monthly average since June 2004, and averaged $52/barrel for the year, down $47 from 2014.
2) The report forecasts Brent prices to average $40/barrel in 2016 and $50/barrel in 2017, with WTI prices $2-3/barrel lower.
3) Global oil inventories increased by an estimated 1.9 million barrels per day in 2015 and are forecast to rise by 0.7 million barrels per day in 2016, contributing to low oil prices.
The Bord Gáis Energy Index fell 5% in May due to declines in wholesale electricity, oil, coal, and natural gas prices from their record highs earlier in the year. Irish wholesale electricity prices fell 11% as UK gas prices softened and power imports from the UK increased with the new interconnecter cable. Brent crude prices fell slightly to around $100/barrel on expectations that increasing North American shale oil production would weaken global oil markets, while weaker economic data from China also weighed on oil prices. Coal and natural gas prices in Europe also declined from previous months' highs due to mild weather, high inventories, and a weak eurozone economy.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
The Bord Gáis Energy Index was unchanged in August as stronger wholesale gas, coal and electricity prices offset lower Brent crude oil prices. Higher gas, coal, and electricity prices were driven by supply restrictions, rising demand, and uncertainty around potential conflict between Ukraine and Russia. Lower Brent crude prices were due to increased African oil supply and soft global demand, despite geopolitical risks in the Middle East.
The June 2015 Bord Gáis Energy Index fell 3% due to weaker oil prices. Oil prices slumped toward the end of June as economic crisis in Greece weakened the dollar. The oil glut remains with supply exceeding demand by almost 3 million barrels per day. Natural gas prices were marginally weaker. Coal prices recovered slightly but electricity prices fell 9% due to lower demand in summer and a softening in power prices.
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The EU is pushing for the US to allow unfettered crude oil exports to Europe as part of ongoing trade talks, but the US has shown no willingness to ease its export restrictions. The EU's push may be more about gaining an energy advantage over Asian markets than free trade commitments. Current US policy restricting crude exports is inconsistent with international trade rules, but the two sides have not reached agreement on addressing energy issues in the trade deal. Gazprom's South Stream gas pipeline project faces new political hurdles from sanctions against Russia but is still seen as important for European energy security, and Gazprom has avoided sanctions so far due to Europe's dependence on Russian gas.
Following months of steadily rising wholesale fuel prices, the April Bord Gáis Energy Index stabilised at 154.
In euro terms, having hit a month end closing high in March, oil prices finally receded in April as both market tightening and geopolitical tensions eased.
Supply constraints, storage withdrawals and cool weather supported UK Day-ahead gas prices and a weaker euro amplified this movement.
The Bord Gáis Energy Index rose 8% in July, its largest monthly increase since February 2012, as prices increased across oil, natural gas, coal, and electricity. Wholesale fuel prices rose due to supply concerns from events in Norway, Colombia, and tensions in the Middle East, as well as expectations that governments would provide more economic stimulus. Additionally, ongoing weakness in the euro amplified commodity price gains. As a result, the Index now stands at 144, up 4% from July 2011.
1) The Bord Gáis Energy Index fell 5% in October due to a 9% plunge in global oil prices from over $115 per barrel in June to $83.78 per barrel in October.
2) Wholesale natural gas prices in the UK increased 4% in October from seasonal higher demand despite record-high stock levels and mild weather so far.
3) The EU emissions trading scheme has failed to adequately incentivize the transition to low-carbon energy sources due to oversupply of carbon credits, keeping prices too low at around €6.59 per tonne of carbon emissions.
Month-on-month the Bord Gáis Energy Index rose 1% in January due to rising wholesale electricity prices as reduced availability of efficient power plants increased costs despite falling UK gas prices and record wind volumes. UK gas prices fell further in January due to ample supplies and continued mild weather, while the euro weakened against the US dollar and British pound on expectations of interest rate hikes in those economies amid positive economic data.
- Brent crude oil prices rose in June due to escalating violence in Iraq from the militant group ISIL seizing territory, raising concerns over global oil supply stability. However, the majority of Iraq's oil production and exports so far remain unaffected.
- Wholesale natural gas and electricity prices in Europe continued to decline due to ample gas supply, offsetting the rise in oil prices and leaving the Bord Gáis Energy Index unchanged month-over-month.
- Coal prices also fell slightly due to weak demand and high stockpiles in Europe.
The Bord Gáis Energy Index from June 2013.
The Bord Gáis Energy Index was stable (-1%) in June as falls in the Irish wholesale electricity, UK Day-ahead gas and European coal prices were counteracted by a rising front month Brent crude oil price.
Gazprom has lowered its forecast for natural gas export prices to non-CIS markets in 2015 due to continued low crude oil prices, on which Gazprom's export contracts are indexed. Gazprom's previous forecast of $242/Mcm has been reduced to $235-242/Mcm. Some analysts advocate shifting Gazprom's long-term contracts to hub-based pricing to avoid constant renegotiation due to oil price volatility. With oil prices expected to remain low, Gazprom may face more calls to change its oil-indexation formula.
- Brent crude oil prices increased in April to $42/barrel and are forecast to average $41/barrel in 2016 and $51/barrel in 2017, higher than previous forecasts. However, futures contracts suggest a wide range of possible prices in coming months.
- U.S. gasoline prices are forecast to average $2.21/gallon this summer, higher than previous forecasts but lower than last summer. U.S. crude oil production is expected to continue declining in 2016 and 2017 after peaking in 2015.
- Natural gas inventories are projected to reach record high levels by the end of October 2016, while prices are forecast to remain low in 2016 and 2017.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for April 2016. This issue makes a couple of key points re natural gas: (1) U.S. natural gas inventories just finished the winter heating season at their highest level ever, and are expected to be at a record high at the start of next winter heating season in November. (2) This summer natural gas consumption for electricity generation is expected to reach a record high. Here's the natgas section of the STEO, along with a copy of the full report.
The U.S. Energy Information Administration's Short-Term Energy Outlook issued Nov. 10, 2015. The STEO looks at the recent history of oil, natural gas, coal, renewables, etc., and predicts what will happen in the coming months/up to one year out. This report predicts the Henry Hub natural gas spot price to average $2.59/million British thermal units (MMBtu) this winter (October 2015–March 2016) compared with $3.35/MMBtu last winter.
The Bord Gáis Energy Index increased 3% in March as oil prices rallied over 5% on a currency adjusted basis. Other energy sources showed mixed performance, with UK gas down 1%, European coal down 3% and Irish electricity up 1%. Oil prices rebounded over 10% on expectations that a production freeze agreement between major producers will be reached in April to curb the global oil surplus. However, rebalancing the oil market may take time due to high global inventory levels. The euro strengthened against the US dollar and British pound.
The Bord Gáis Energy Index fell 1% in October 2013 due to modestly softer wholesale gas and electricity prices in Ireland. While wholesale commodity prices were relatively stable, Brent crude oil prices experienced significant volatility within the month due to geopolitical events affecting supply in Libya. The Index level stood at 143 at the end of October.
- In December 2015, the Bord Gáis Energy Index fell 13% as wholesale prices for Brent crude oil, UK gas, European coal, and Irish electricity all recorded losses. The index stood at another record low of 79.
- Prices continued to decline across the board, with oil falling 19% to close below $38/barrel for the first time in a decade due to oversupply and weak demand. Other fuels like UK gas and European coal also recorded losses.
- The euro strengthened against the US dollar and British pound over the month, exacerbating losses in the energy index which is adjusted for currency movements.
The February Bord Gáis Energy Index rose 16% month-over-month as the prices of oil, gas, coal, and electricity all increased. The main driver was a nearly $10 per barrel increase in the price of oil due to falling US rig counts restricting future US oil production growth. Despite the rally in prices, oil remains well below its 2011-2014 price range of $100-120 per barrel due to continued oversupply. Demand growth is not expected to be strong enough in 2015 to significantly reduce inventories and support further price increases.
The document discusses natural gas supplies and infrastructure in Europe. It notes that while Europe has significant regasification capacity for liquefied natural gas (LNG), much of this capacity remains unused. It also notes that Russia currently supplies a large amount of the gas used in Europe. There is potential to diversify supplies through increased use of LNG terminals and infrastructure investments, but this would require large capital expenditures. The document also discusses Poland's shale gas resources and efforts to develop regulations to increase hydrocarbon extraction.
1) Brent crude oil prices averaged $38/barrel in December 2015, the lowest monthly average since June 2004, and averaged $52/barrel for the year, down $47 from 2014.
2) The report forecasts Brent prices to average $40/barrel in 2016 and $50/barrel in 2017, with WTI prices $2-3/barrel lower.
3) Global oil inventories increased by an estimated 1.9 million barrels per day in 2015 and are forecast to rise by 0.7 million barrels per day in 2016, contributing to low oil prices.
The Bord Gáis Energy Index fell 5% in May due to declines in wholesale electricity, oil, coal, and natural gas prices from their record highs earlier in the year. Irish wholesale electricity prices fell 11% as UK gas prices softened and power imports from the UK increased with the new interconnecter cable. Brent crude prices fell slightly to around $100/barrel on expectations that increasing North American shale oil production would weaken global oil markets, while weaker economic data from China also weighed on oil prices. Coal and natural gas prices in Europe also declined from previous months' highs due to mild weather, high inventories, and a weak eurozone economy.
1) The Bord Gáis Energy Index fell in December due to ongoing declines in global oil prices, with the index at 103.
2) A major factor has been the surge in US oil production, which has increased 80% since 2008 and now dominates price behavior after OPEC chose not to cut production in November.
3) Lower oil prices are good for the global economy as consumers benefit but pose challenges for oil-dependent countries and economies that rely on oil revenues to fund budgets.
The Bord Gáis Energy Index was unchanged in August as stronger wholesale gas, coal and electricity prices offset lower Brent crude oil prices. Higher gas, coal, and electricity prices were driven by supply restrictions, rising demand, and uncertainty around potential conflict between Ukraine and Russia. Lower Brent crude prices were due to increased African oil supply and soft global demand, despite geopolitical risks in the Middle East.
The June 2015 Bord Gáis Energy Index fell 3% due to weaker oil prices. Oil prices slumped toward the end of June as economic crisis in Greece weakened the dollar. The oil glut remains with supply exceeding demand by almost 3 million barrels per day. Natural gas prices were marginally weaker. Coal prices recovered slightly but electricity prices fell 9% due to lower demand in summer and a softening in power prices.
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The EU is pushing for the US to allow unfettered crude oil exports to Europe as part of ongoing trade talks, but the US has shown no willingness to ease its export restrictions. The EU's push may be more about gaining an energy advantage over Asian markets than free trade commitments. Current US policy restricting crude exports is inconsistent with international trade rules, but the two sides have not reached agreement on addressing energy issues in the trade deal. Gazprom's South Stream gas pipeline project faces new political hurdles from sanctions against Russia but is still seen as important for European energy security, and Gazprom has avoided sanctions so far due to Europe's dependence on Russian gas.
Following months of steadily rising wholesale fuel prices, the April Bord Gáis Energy Index stabilised at 154.
In euro terms, having hit a month end closing high in March, oil prices finally receded in April as both market tightening and geopolitical tensions eased.
Supply constraints, storage withdrawals and cool weather supported UK Day-ahead gas prices and a weaker euro amplified this movement.
The Bord Gáis Energy Index rose 8% in July, its largest monthly increase since February 2012, as prices increased across oil, natural gas, coal, and electricity. Wholesale fuel prices rose due to supply concerns from events in Norway, Colombia, and tensions in the Middle East, as well as expectations that governments would provide more economic stimulus. Additionally, ongoing weakness in the euro amplified commodity price gains. As a result, the Index now stands at 144, up 4% from July 2011.
THE BORD GÁIS ENERGY INDEX INCREASES 1% IN JANUARY — INDEX 8% HIGHER THAN IN JANUARY 2011
Despite reduced demand and unseasonably mild weather across Europe for most of January, the Bord Gáis Energy Index rose 1% in the month as oil prices increased by $4 US Dollars. The possibility of military engagement should Iran attempt to close the Straits of Hormuz in response to international embargoes put upward pressure on oil prices.
The Bord Gáis Energy Index rose in August due to concerns over global oil supplies stemming from conflicts and instability in Syria, Libya, and Egypt. Brent crude oil prices increased 6% due to threats to supply from the Suez Canal. The Index also rose as the wholesale gas price increased 2% and concerns grew over tightening oil markets with supply issues in Libya and Iraq.
The Bord Gáis Energy Index rose 11% in March as unseasonably high demand coupled with gas supply constraints pushed wholesale gas prices to record highs in the UK. Despite negative market reaction to Cyprus’s bailout and weak economic numbers from Europe and China, Brent crude oil prices in euro terms rose by 1%. As a result, the Bord Gáis Energy Index now stands at 166, an increase of 8% on March 2012. Severe spikes occurred in the price of prompt UK gas contracts but these did recede back to more acceptable levels, albeit still relatively high. Events in Cyprus and worries over European debt piled on to bearishness in the European coal market, pushing prices lower. The euro
The Bord Gáis Energy Index fell 1% in December due to lower Irish wholesale electricity prices as a result of higher wind volumes which reduced costs. Brent crude oil prices were steady in December due to ongoing conflicts and supply disruptions in Libya and other regions. Natural gas and coal prices in Europe rose slightly over the month while the euro remained steady against the US dollar and British pound.
Falling wholesale gas prices in the UK and weaker Brent crude oil prices drove a record month-on-month drop in Ireland's Bord Gáis Energy Index in April. UK gas prices eased back from March highs as supplies increased and demand decreased with warmer weather, while Brent crude fell below $100/barrel due to increased supplies and reduced demand concerns. Irish wholesale electricity prices also declined as the three main cost components - UK gas, carbon, and 'spark' rates - all decreased in April. Looking ahead, oil prices are expected to remain around $100/barrel barring geopolitical events, with OPEC maintaining output, while UK gas prices may rise if summer LNG imports are lower than
The Bord Gáis Energy Index rose 4% in October due to higher prices for Brent crude oil, European coal, and wholesale electricity. A weaker euro contributed to higher prices for oil, coal, and gas, which are traded in dollars and pounds. Global gas supplies have expanded significantly in recent years due to new sources like shale gas, coal seam gas, and floating LNG facilities. This has led to a surplus of natural gas and lower wholesale gas prices in many markets like the UK. The oversupply situation could persist for some time as new LNG export capacity continues to come online through 2020.
The Bord Gáis Energy Index for September 2014 saw significant increases in the wholesale prices of Natural Gas (21%) and Electricity (17%). This was mostly offset by a fall in Brent Crude Oil as the Bord Gáis Energy Index rises by 3%.
In February 2016, the Bord Gáis Energy Index fell 1% month-over-month. Oil prices rose 3% while UK gas, European coal, and Irish electricity prices declined between 3-10% from the previous month. The report provides an overview of movements in prices for oil, natural gas, coal, and electricity in February and discusses factors influencing these markets such as supply and demand fundamentals as well as geopolitical issues.
Monthly update on wholesale electricity and gas. Prices recently continued to fall, but beginning of April shows a slight uplift. The slight increase is due to unscheduled maintenance in a Norwegian gas field and slightly lower temperatures forecast in short term. Interesting note on increasing contribution from renewable sources.
1) The Bord Gáis Energy Index fell 5% in January due to lower wholesale prices for oil, gas, coal, and electricity. Brent crude oil prices stabilized around $50 per barrel after rapid declines in the previous months.
2) Concerns grew about weak economic growth in Europe and China. The ECB announced a quantitative easing program to try to stimulate inflation and demand.
3) Most energy commodity prices continued to decline in January except for small increases in oil and natural gas prices at the end of the month. Overall market sentiment remained bearish due to expectations of high supplies and weak demand growth.
The July 2015 Bord Gáis Energy Index fell 9% month-over-month due to weaker oil prices driven by abundant global supply. The index level of 98 was the lowest since December 2009. Brent crude oil prices continued to weaken, closing at the lowest price recorded by the index. The UK government announced plans to scrap an exemption to the Climate Change Levy for renewable electricity, contrary to the views of the green energy sector.
In the last month, crude oil prices gained over 11% on Nymex and over 13% on Brent due to estimates of production freezes by OPEC in September and rising demand from countries like India, China, and Russia. However, further upside is capped by slowing global economic growth forecasts. Natural gas production is expected to rise marginally due to low prices and declining rig activity, while demand is forecast to increase from the power sector. For both commodities, prices are expected to trade in defined ranges over the coming month.
The September 2015 Bord Gáis Energy Index fell 6% due to excess global oil supplies weighing on oil prices, with Brent crude falling to its lowest point since March 2009 of $48.37 per barrel. The index stood at 91 in September, a new record low. The document also discusses the Volkswagen emissions scandal casting doubt on the future of diesel engines in Europe. While diesel demand has surged in Europe due to tax policies and fuel efficiency, the scandal uncovered that diesel vehicles were emitting nitrogen oxide at levels seven times the legal limit. Continued low oil prices are driven by a global supply glut as US frackers and OPEC countries like Saudi Arabia and Iraq maintain high production levels.
- In January 2016, the Bord Gáis Energy Index fell 7% as wholesale prices declined for Brent crude oil (-7%), UK gas (-9%), European coal (-3%), and Irish electricity (-8%).
- Brent oil prices hit 12-year lows of $27.88/barrel in January due to oversupply and the lifting of Iranian sanctions.
- UK natural gas prices averaged 32.02 pence/therm in January, down from 34.16 pence/therm in December, as mild weather and ample supplies weighed on prices.
- Most energy commodity prices recorded losses in January as supply remained high and demand was weak.
The Bord Gáis Energy Index fell 9% in November 2014 to its lowest level in over four years as global oil prices continued to plunge. The document discusses factors contributing to declining oil prices such as increased North American oil production, OPEC's decision not to cut production, and geopolitical issues. It also summarizes trends in natural gas and coal markets, noting prices declines there as well driven by oversupply and weaker demand.
This document discusses the impact of shale gas development in North America on global natural gas markets and the oil and gas industry in the Gulf Cooperation Council (GCC) region. It finds that shale gas has significantly increased US natural gas production and lowered prices, making the US a potential gas exporter. This could threaten established gas exporters like Qatar by increasing competition and downward pressure on gas prices. GCC countries that import gas may benefit from better import prices but gas-rich countries face threats from potential substitution of gas for oil. Overall, shale gas presents both opportunities and threats to the GCC that will depend on future production and price trends in global gas markets.
The OPEC Reference Basket averaged $42.68/b in July, representing the first decline in five months. Lower-than-expected demand, high refined product stocks, and rising crude supply were the factors behind the $3.16 drop. ICE Brent ended down $3.39 at $46.53/b, while Nymex WTI fell $4.05 to $44.80/b. Speculators cut long positions further this month in all markets. The ICE Brent-WTI spread widened to $1.75/b in Brent’s favour during July.
Opal Of Discord. Why the EU supports Gazprom's anti-Ukrainian plans?Mariia Melnyk
1) The EU's recent decision to allow Gazprom to increase capacity on the German OPAL pipeline will allow Russia to supply more gas through Nord Stream and less through Ukraine, hurting Ukraine.
2) While the EU has investigated Gazprom for antitrust violations regarding market dominance and unfair pricing, decisions like OPAL signal the EU's ambiguity in balancing business and political interests.
3) Ukraine risks losing billions annually from less Russian gas transit and should strengthen its energy diplomacy and reforms to defend its interests and lobby the EU to block projects like Nord Stream 2 that undermine Ukraine.
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2. March sees 1% rise in Bord Gáis Energy Index as
rising wholesale electricity prices offset falling
oil and gas prices
Summary:
The Bord Gáis Energy Index rose 1% in March
with wholesale electricity prices rising 6%
month-on-month. Rising wholesale electicity
prices offset falling Brent crude (down 1%
month-on-month) and wholesale UK gas prices
(down 5% month-on-month). Wholesale UK gas
prices have tumbled in recent weeks amid mild
weather and low demand.
Low wind volumes on certain days combined
with the untimely forced outage of efficient gas
powered plant and cheap coal powered plant
on the same days were the factors behind the
6% increase.
To date the international dispute following
Russia’s annexation of Ukraine’s Crimea
peninsula has had no long-term impact on gas
or oil prices. However there remains a concern
that non-payment by Ukraine for its own gas
imports could still trigger a crisis. In March 2014
the Index stood at 141.
1 Mth 1% 3 Mth -4% 12 Mth -15%
Bord Gáis Energy Index 12 Month Rolling Average
Mar-14Nov-13Jul-13Mar-13Nov-12Jul-12Mar-12Nov-11Jul-11Mar-11Nov-10Jul-10Mar-10Nov-09Jul-09Jan-09
180
60
100
140
Points
Bord Gáis Energy Index (Dec 31st 2009 = 100)
According to the gas industry association Eurogas, gas consumption in the European Union’s 28 member states fell by 1.4% in 2013 predominantly
due to reduced usage in the power sector. The figures from Eurogas again highlight Europe’s dependency on imported gas with just 33% of the
region’s indigenous supplies making up the total net supplies. In 2013 Russia made up 27% of supplies, Norway 23%, Algeria 8% and Qatar 4%.
In an attempt to boost European gas production the European Parliament passed new EU environmental impact assessment rules in March that
exclude early-stage shale exploration projects. Echoing the Parliament’s approval, the EU president Herman Van Rompuy said that “Europe was
intensifying its efforts to slash dependence on energy, and on Russian energy in particular, increasing efficiency, diversifying supply routes to
and within Europe and expanding energy sources”. US shale gas has been proposed as a potential new supply source and in this context the
Department of Energy (DOE) in the US approved the seventh liquefied natural gas export terminal (most of which are for terminals on the US
East and Gulf Coasts) for LNG exports to countries without free trade agreements with the US. There are now 24 other US LNG export projects
in the DOE’s queue for approval. Countries with US free trade agreements are automatically approved. It was reported in March that several US
lawmakers wanted the Obama administration to quickly approve more LNG export applications in response to the crisis in Ukraine. This is on
the basis that it could send a signal which could change the dynamics of long-term gas contracts throughout the world and influence Russian
gas prices and its hold over European markets. Despite the promise of US gas arriving at European shores, at current prices Asian markets
remain more attractive.
Month-on-month the front month Brent crude price
fell 1% in euro terms.
In early March Brent crude prices reacted to the
news that Russia’s President Putin had obtained
parliamentary permission to use Russian troops not
just in Crimea, but in the Ukraine as a whole. On this
news the front month Brent crude price hit its high
of the year at US$112.39 but as tensions eased prices
subsequently softened and the crude price was
trading at US$107.76 on 31 March. Ukraine transited
approximately 313,000 b/d of Russian crude
through the Druzhba pipeline in 2013 but according
to reports this only accounted for 8% of Russia’s
total crude exports last year. According to Platts,
in 2013 OECD Europe relied on Russia for 36% of its
total net crude oil imports and Russia exported an
average of 3.05million b/d to OECD Europe. While
gas exports to OECD Europe generated revenue of
Mar-14Nov-13Jul-13Mar-13Nov-12Jul-12Mar-12Nov-11Jul-11Mar-11Nov-10Jul-10Mar-10Nov-09Jul-09Jan-09
180
60
100
140
Points
*Index adjusted for currency movements.
Data Source: ICE
around US$57billion for Gazprom in 2013, Russian crude exports were worth about US$100billion. During the month the US administration
made a surprise announcement that it was selling up to 5 million barrels of oil from its Strategic Petroleum Reserves (SPR) and this move
pushed crude prices lower in the short term. This action was interpretted as a warning shot to Russia over tensions in Ukraine as Russia’s oil
revenue is dependant on high prices. The SPR, the largest government stockpile of crude in the world, is a series of underground caverns
with the capacity to hold 727 million barrels of crude. Despite a softening in prices from the high achieved on 3 March, geopolitical tensions
and lost supplies continue to prop up Brent crude prices. News from Libya continued to disappoint the market in March on reports that the
country’s crude oil output has slumped to just 150,000 b/d after the Elephant field in western Libya was shut in following disruption to the
pipeline linking it to the Mellitah export terminal. Earlier in the month production fell to 230,000 b/d after the major Sharara field was again
shut by protestors. Oil production levels were about 1.6million b/d prior to the collapse of the previous regime. Libya’s four main eastern
ports remain blockaded by anti-government rebels. However in early April news started to filter through that a deal in Libya to end the 10
month port blockage in the eastern part of the country could be reached. News that the International Energy Agency (IEA) revised upwards
its estimate of global oil demand in 2014, once again amid an improving economic picture, may have also supported prices. The expected
1.35million b/d year-on-year increase is being linked to an increase in China’s consumption but also with rising consumption in other emerging
economies. Supplies are also expected to increase due to “relentless growth in US and Canadian supplies”. Despite the expectation of
continued oil consumption growth, economic news from China once again points to some fragility. In March China’s corporate-bond market
suffered its first default, exports tumbled, a widely watched manufacturing index fell for a fifth month in a row, industrial production missed
expectations and officials in one eastern country reportedly rushed to placate depositors lining up to withdraw money. The IMF also warned
that the world faces “years of slow and subpar growth” due to low-flation in the euro zone and geopolitical tensions stemming from the
crisis in Ukraine. Western powers again met with Iran in March for a second time in a series of talks that are hoped to produce a verifiable
settlement on the scope of Iran’s nuclear programme. It was reported that it will be difficult to overcome the differences between the two
sides but the parties are scheduled to meet again on 7-9 April in Vienna.
Oil Index Oil
1 Mth -1% 3 Mth -3% 12 Mth -9%
G33942_BGE_Energy_Index_March_2014 BG V2.indd 2 04/04/2014 17:34
3. Points
50
100
150
200
250
300
Mar-14Nov-13Jul-13Mar-13Nov-12Jul-12Mar-12Nov-11Jul-11Mar-11Nov-10Jul-10Mar-10Nov-09Jul-09Jan-09
Natural Gas
1 Mth -5% 3 Mth -18% 12 Mth -32%
Natural Gas Index
*Index adjusted for currency movements.
Data Source: Spectron Group
In euro terms the ICE Rotterdam Monthly Coal Futures
contract was 1% higher month-on-month. Intra-month
prices closed at a four year low of US$73.15/mt on 5
March before recovering toward the back-end of the
month. With the exception of the last trading day, over
the month prices were relatively stable amid negligible
buying appetite coupled with the oversupplied Atlantic
basin which has sapped price volatility.
European coal prices received some support on 31
March and participants cited ongoing delays to US
miner Drummond’s loading restart in Colombia. US firm
Drummond was ordered to halt its Colombian export
coal loadings in early January until its direct loading
system had been completed. However these concerns
and price moves were assuaged as news broke late 31
March that Drummond had restarted coal loadings from
Coal
1 Mth 1% 3 Mth -5% 12 Mth -15%
Mar-14Nov-13Jul-13Mar-13Nov-12Jul-12Mar-12Nov-11Jul-11Mar-11Nov-10Jul-10Mar-10Nov-09Jul-09Jan-09
Points
40
95
150
205
260
Coal Index
*Index adjusted for currency movements.
Data Source: ICE
its Colombian export terminal after environmental restrictions were lifted. Shipping sources said the first cargo loaded at Puerto Drummond was
a 93,000 mt vessel, booked by a northwest European utility trader. Spot thermal coal prices in Europe, the main destination for Colombian coal,
rose $4 to $84.30/mt on 8 January after the Drummond suspension was confirmed. The speed with which Drummond’s coal arrives to Europe
will be important as South African cargoes into Europe have reportedly eased and the market could be a little tighter in the weeks ahead. This
tightness has nudged prices to over US$77/mt on 1 April.
Mar-14Nov-13Jul-13Mar-13Nov-12Jul-12Mar-12Nov-11Jul-11Mar-11Nov-10Jul-10Mar-10Nov-09Jul-09Jan-09
180
60
100
140
Points
In March the monthly average Irish wholesale electricity
price rose by 6% month-on-month despite falling gas
prices (as gas powered generation dominates the
generation mix on the island of Ireland the price of
imported gas from the UK has a significant influence on
Irish wholesale electricity prices).
Month-on-month the average ‘clean sparks’ in March
rose by nearly €7/MWh to over €13/MWh (the ‘clean
spark’ is the theoretical gross margin of a gas-fired power
plant from selling a unit of electricity, having bought the
fuel required to produce this unit of electricity and the
cost of abating the carbon emitted) and this was the
key driver behind rising wholesale Irish electricity prices.
Exceptionally high sparks between 10 March and 13
March (during this period they averaged at nearly €43/
MWh) had a significant impact on pushing the monthly
average spark up to over €13/MWh. In a reversal of the
ElectricityElectricity Index
Data Source: SEMO
positive wind effect experienced in February (wind turbines met 23% of the Island of Ireland’s electricity demand and the flood of wind powered
electricity helped to displace costly gas fired generation which fed through to lower wholesale prices) the lack of wind during this period combined
with the unexpected outage of efficient gas and cheap coal plants, pushed sparks higher to bring wholesale prices close to €100/MWh. The
average wholesale electricity price during the month was approximately €65/MWh. Low volumes of wind powered electricity (volumes were
at virtually 0MWs at times during this period) and these outages resulted in the starting up of more inefficient and costly plants which had an
immediate impact on wholesale prices and ultimately drove the average monthly price higher.
1 Mth 6% 3 Mth -2% 12 Mth -20%
In euro terms, the average Day-ahead gas price for
March was 5% lower month-on-month as above average
temperatures in the UK and healthy supplies combined
to push prices lower for the third month running. As
stated in previous reports, of particular influence on
prices is the volume of gas held in store. Total stock levels
across the UK were nearly 53% full at the end of March,
compared to just over 5% a year earlier. Unused gas is
as a result of lower demand due to mild temperatures
over recent months. February’s mean UK temperatures
were the 10th warmest since records began in 1910 and
it was the 15th warmest January. Unusually during the
October-March winter period, the average Day-ahead
gas contract on the NBP trading hub averaged at 63.84p
a therm compared to the 65.40p a therm average of the
2013 summer contract period. Summer 13 prices were
supported after a particularly cold March 13 drew heavily
on domestic stocks and saw the UK’s key storage facility, Rough, completely depleted at the beginning of April. This resulted in an aggressive
injection period throughout the summer period. Net injections of 14mcm in April - September would now fill storage sites in time for next winter
compared to a 26mcm requirement this time last year. A reduced demand for gas over summer 14 consequently weighed heavily on the contract
and it closed at the end of March at just over 53p a therm (this was the lowest the summer 14 contract had traded at in nearly four years). 12 months
ago wholesale UK gas prices traded at over £1 a therm on supply disruptions and concerns that the UK would run out of gas. Throughout 2013
these anxieties have stoked and supported prices but the mild weather in 2014 has eroded these concerns along with wholesale UK gas prices
which have been tumbling. Despite on-going international tensions between Russia and Western powers and the potential for gas supplies to
Europe being interrupted, the market seems to have completely discounted this possibility. It would appear that neither the Russian or Ukrainian
authorities have any intention of disrupting supplies in pursuit of military or political objectives but there remains a concern that non-payment by
Ukraine for its own imports could trigger a crisis in which European supplies are interrupted. As at 1 April, Ukraine owes Russia US$1.711 billion in
gas debt and Gazprom’s decision to raise Q2 prices by 44% on Q1 prices will place further financial pressure on Ukraine.
G33942_BGE_Energy_Index_March_2014 BG V2.indd 3 04/04/2014 17:34
4. Month-on-month the euro was unchanged against
both the US Dollar and the British Pound.
A lack of volatility in exchange rate movements
between the euro, the Pound and the US Dollar
can be attributed to record low interest rates and
the prospect of these rates remaining low into the
visible future. The outlook is clearest in Europe
where the ECB may consider negative rates as
a means of combating the threat of deflation.
But ‘normal’ rates in the US and the UK are still a
distant prospect. Last month the Bank of England
confirmed that an increase is not imminent and
that when rates start to rise, the pace will be
slow. On 19 March the US Federal Reserve offered
similar guidance as it said that it would wait
a “considerable time” after concluding its asset
purchase programme before pushing borrowing
Market Outlook
With Russia supplying 30% of Europe’s natural gas and with more than half of these volumes being transported via Ukraine, issues of
European gas security are being raised in recent weeks following the annexation of Crimea. It would appear that neither the Russian or
Ukrainian authorities have any intention of disrupting supplies in pursuit of military or political objectives but there remains a concern
that non-payment by Ukraine for its own imports could trigger a crisis in which European supplies are interrupted. It is estimated that
in 2013 Gazprom delivered up to US$10 billion worth of gas to Ukraine and, according to Platts, Russia claims it is owed a total of US$16
billion from Ukraine in voided gas price discounts and unpaid bills stretching back to agreements put in place in 2010. Adding further
pressure on Ukraine, on 4 March Gazprom announced that discounted Russian gas prices agreed between Putin and Yanukovich would be
withdrawn. Price hikes of 44% were seen in early April and Russian officials were considering a draft law that cancels the US$100/1,000 cu
m gas discount Moscow offered to Kiev in April 2010 in return for the extension of a lease for Russia’s navel base in Crimea (this law was
signed in early April). Combined Ukraine could face a gas price increase to US$500/1,000 cu m but Ukraine’s energy and coal minister
said that it will pay no more than US$387/1,000 cu m. Non-payments of debt accumulated for imported gas were the triggers for the
gas disputes of January 2006 and January 2009. In 2009 shipments of Russian gas to European destinations were halted for two weeks.
Ukraine’s gas debt is being exacerbated by the inability to collect payment from customers amid the crisis and by a wider financial crisis
that has engulfed Ukraine. The government in Kiev is seeking some US$15 billion in IMF assistance in order to invest in key projects and
make foreign loan payments. As analysts see it, the danger of supply interruptions arises now from the difficulty of negotiating such a
major loan package in the midst of a political and military crisis. In the short-term the availability of alternative gas supply routes, the
adaptation of existing pipelines, subdued gas demand, the advent of summer and high levels of gas storage inventories will limit the
impact on Northern European wholesale prices. The crisis has put Europe’s energy dependency at the top of the political agenda and
has strengthened the rationale for the South Stream pipeline and the development of indigenous sources. It has also sparked a debate
in the US on the benefits of exporting abundant quantities of shale gas to Europe.
For more information please contact:
Fleishman-Hillard — James Dunny — 086 388 3903
The contents of this report are provided solely as an information guide. The report is presented to you “as is” and may or may not be correct, current, accurate or complete. While
every effort is made in preparing material for publication no responsibility is accepted by or on behalf of Bord Gáis Eireann, the SEMO, ICE Futures Europe, the Sustainable
Energy Authority of Ireland or Spectron Group Limited (together, the “Parties”) for any errors, omissions or misleading statements within this report. No representation
or warranty, express or implied, is made or liability accepted by any of the Parties or any of their respective directors, employees or agents in relation to the accuracy or
completeness of the information contained in this report. Each of the Parties and their respective directors, employees or agents does not and will not accept any liability in
relation to the information contained in this report. Bord Gáis Eireann reserves the right at any time to revise, amend, alter or delete the information provided in this report.
1 Mth 0% 3 Mth 0% 12 Mth -2% EURGBP
Feb-14Oct-13Jun-13Feb-13Oct-12Jun-12Feb-12Oct-11Jun-11Feb-11Oct-10Jun-10Feb-10Oct-09Jun-09Jan-09
0.6
0.8
1.0
1.2
1.4
1.6
FX Rates
Re-weighting of Bord Gáis Energy Index
Following the SEAI’s 2011 review of energy consumption in Ireland, there was a 6.4%
drop in overall energy consumption. Oil continues to be the dominant energy source
with most of the oil used in transport and the remainder being used for thermal energy.
For the purposes of the Bord Gáis Energy Index, the total final energy consumption
in Ireland fell 1,089 ktoe (toe: a tonne of oil equivalent is a unit of energy, roughly
equivalent to the energy content of one tonne of crude oil) between 2009 and 2011.
This fall was made up of a 1,022 ktoe drop in oil consumption (down 13.5%), a 20 ktoe
drop in natural gas (down 12.6%), a 7 ktoe drop in electricity (down 0.3%) and a 40
ktoe drop in coal (down 10.98%). The Bord Gáis Energy Index has been re-weighted
in January 2013 to reflect the latest consumption data. The impact has been minimal
and has resulted in slight reductions in the share of oil and gas and a slight increase in
the weighting of electricity in the overall Index.
costs higher. Markets project that short-term rates in both economies will still be just 2% in early 2017, a level the euro zone will not hit until
2020. Low inflation in these economies is also a contributing factor. American inflation is now just 1.2%. Euro zone inflation is 0.7% and in
the UK consumer prices rose by just 1.7% in the year to February. Most central banks have a set inflation target of around 2% a year so these
economies are not under pressure to raise rates to tackle inflation. As interest rate normalization recedes toward the horizon, exchange rates
are stabilising. During the month there were further signs of the UK’s “resilient” economy. The Office of Budget Responsibility suggested the
country will grow by 2.7% in 2014, British GDP growth is the fastest in the rich world, house prices are rising (helped by low interest rates) and
more people are working than ever before. Issues such as the level of business investment, savings driven consumption and the cost-of-living
squeeze remain concerns. There were also some positive economic releases from the US in March. The economy created a further 175,000
jobs in February, US retail rose for the first time in three months and a survey suggests that US consumers confidence is at a six year high.
Electricity
20.22%
Coal
3.1%
Gas
14.72%
Oil 61.96%
FX Rates
1 Mth 0% 3 Mth 0% 12 Mth 7% EURUSD
G33942_BGE_Energy_Index_March_2014 BG V2.indd 4 04/04/2014 17:34