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.
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 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 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%.
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.
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 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.
Commodity Market News 30 september report by swastika investmart stock brokin...Swastika Investmart
Natural-gas costs rose to their largest amounts in more than 2 months on Monday as estimates for cool climate over the northern Midwest in the pending weeks provoked desires of the season's 1 gas-let go heating interest. Visit http://www.swastika.co.in
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 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 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%.
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.
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 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.
Commodity Market News 30 september report by swastika investmart stock brokin...Swastika Investmart
Natural-gas costs rose to their largest amounts in more than 2 months on Monday as estimates for cool climate over the northern Midwest in the pending weeks provoked desires of the season's 1 gas-let go heating interest. Visit http://www.swastika.co.in
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.
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 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 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.
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.
- 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 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.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
The document provides a weekly update on the global oil and gas markets. It discusses how the upcoming US presidential election is unlikely to significantly impact near-term energy markets. Oil, gas, and equity markets continue looking past current economic weakness as demand recovers slower than expected. US natural gas prices have risen due to declining production and increasing demand from LNG exports and industry. Jet fuel demand remains weak as air travel has not recovered, impacting oil demand forecasts through 2021. The document also provides brief details on EY as an organization focused on the oil and gas sector.
New base 30 october 2017 energy news issue 1093 by khaled al awadiKhaled Al Awadi
1) Construction of the Barakah nuclear power plant in Abu Dhabi is 84% complete across its four units, with Unit 1 over 96% finished. International inspectors visited the site and observed construction progress.
2) World natural gas prices are projected to rise 3% in 2018, with a 4% increase expected in the US due to strong domestic demand and rising exports.
3) Industrial commodity prices increased over 2% in Q3 2017 led by a 10% rise in metals prices on strong Chinese demand, while most agricultural prices were stable.
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
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
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.
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 Guinness Global Energy Report for March 2017 provides the following highlights:
1) Oil prices were flat in February as signs of good OPEC compliance with production cuts were offset by rising US inventories due to high imports.
2) US natural gas prices fell as mild winter weather reduced heating demand, while the market remains structurally undersupplied.
3) Energy stocks underperformed the broader market in February as the MSCI World Energy Index fell 2.0% compared to a 2.8% rise in the MSCI World Index.
The document discusses crude oil inventory data from the API and expectations for the upcoming DOE report. It notes that crude stocks rose more than expected according to the API while gasoline stocks fell. The author expects the DOE report to show a 2 million barrel rise in crude supplies and maintains a bearish outlook for crude oil prices. Natural gas is recommended to be sold given bearish factors and expected high inventory levels in the upcoming DOE 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.
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 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 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.
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 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 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.
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.
- 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 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.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
The document provides a weekly update on the global oil and gas markets. It discusses how the upcoming US presidential election is unlikely to significantly impact near-term energy markets. Oil, gas, and equity markets continue looking past current economic weakness as demand recovers slower than expected. US natural gas prices have risen due to declining production and increasing demand from LNG exports and industry. Jet fuel demand remains weak as air travel has not recovered, impacting oil demand forecasts through 2021. The document also provides brief details on EY as an organization focused on the oil and gas sector.
New base 30 october 2017 energy news issue 1093 by khaled al awadiKhaled Al Awadi
1) Construction of the Barakah nuclear power plant in Abu Dhabi is 84% complete across its four units, with Unit 1 over 96% finished. International inspectors visited the site and observed construction progress.
2) World natural gas prices are projected to rise 3% in 2018, with a 4% increase expected in the US due to strong domestic demand and rising exports.
3) Industrial commodity prices increased over 2% in Q3 2017 led by a 10% rise in metals prices on strong Chinese demand, while most agricultural prices were stable.
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
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
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.
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 Guinness Global Energy Report for March 2017 provides the following highlights:
1) Oil prices were flat in February as signs of good OPEC compliance with production cuts were offset by rising US inventories due to high imports.
2) US natural gas prices fell as mild winter weather reduced heating demand, while the market remains structurally undersupplied.
3) Energy stocks underperformed the broader market in February as the MSCI World Energy Index fell 2.0% compared to a 2.8% rise in the MSCI World Index.
The document discusses crude oil inventory data from the API and expectations for the upcoming DOE report. It notes that crude stocks rose more than expected according to the API while gasoline stocks fell. The author expects the DOE report to show a 2 million barrel rise in crude supplies and maintains a bearish outlook for crude oil prices. Natural gas is recommended to be sold given bearish factors and expected high inventory levels in the upcoming DOE 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.
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 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.
Este documento proporciona información sobre los virus informáticos, incluyendo que el primer virus atacó una computadora IBM en 1972 y se llamaba Creeper, y que un virus puede alterar el funcionamiento normal de una computadora sin el permiso del usuario. Además, explica que si una computadora está infectada con un virus, lo primero que se debe hacer es escanearla con un antivirus en línea y luego eliminar la infección con un servidor en línea para comprobar que ya no quedan virus que puedan dañar el equipo.
As três frases principais deste documento são:
1) A alma do buscador revive experiências do passado e é induzida a repeti-las, o que deve ser contido.
2) A ascensão espiritual é uma longa escadaria onde só podemos subir um degrau de cada vez, estendendo a mão ao companheiro abaixo e não ao de cima.
3) A dor faz o homem pensar, o pensamento torna o homem sábio e a sabedoria abre o caminho para o céu.
El documento describe los diferentes perfiles que son importantes para el diseño curricular de un programa educativo, incluyendo el perfil del egresado, el perfil de ingreso de los estudiantes, el perfil docente, y el perfil de permanencia de los estudiantes. Explica que cada perfil provee información clave sobre las características y competencias requeridas de los diferentes actores involucrados en el programa.
This document summarizes several hospital projects designed by Scott Dunlap between 2001-2009. It includes brief descriptions of Banner Estrella Medical Center in Phoenix (2001-2004), Banner Gateway Medical Center in Gilbert, Arizona (2005-2007), Sharp Memorial Hospital in San Diego (2000-2008), and conceptual designs for a plug-and-play prefabricated hospital (2001) and Holy Cross Hospital in Maryland (2009). For each project, it provides background context on design concepts and highlights awards and publications related to the projects.
The document discusses a regional and urban policy album created by the European Commission. It introduces the partners who created the album and states that the album illustrates the aim of regional and urban policy through six stories inspired by real projects that improve citizens' quality of life. The stories directly or indirectly benefit all Europeans. The album was commissioned by the Directorate-General for Regional and Urban Policy to strengthen economic, social and territorial cohesion in the EU.
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.
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.
- 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.
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
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
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.
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 theme for this quarter is apprehension. In September, the US Federal Reserve announced a third 75 basis point increase in the federal funds rate. In the aftermath, the two-year treasury rate reached the highest level since before the 2008 financial crisis and the spread between two and ten-year rates went below negative 50basis points for the first time since the early eighties. Equity markets have begun to price in the likelihood of a recession and, if history is any indication, the impact on oil markets could be profound.
1) The April Bord Gáis Energy Index rose 8% month-over-month as Brent crude oil prices increased nearly $12 per barrel due to geopolitical tensions and supply disruptions.
2) Robert Smithson argues that US tight oil production is more resilient to low prices than expected and that production costs are decreasing, suggesting oil prices may remain lower for longer.
3) Multiple factors including outages, declining spare capacity, and Middle East tensions supported higher oil prices in April, though stockpiles remain elevated and demand growth is expected to be modest.
EY Price Point: Global oil and gas market outlook Q4 2018EY
A range of upside forces have shifted market sentiment and some parties are talking of $90, or even $100/bbl oil in the short to medium term. Our insights on the outlook for the global oil price in Q4 2018.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
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.
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.
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.
1) The Bord Gáis Energy Index fell 1% in August as modest increases in the Brent crude oil price were offset by falls in the wholesale prices of gas, coal, and electricity.
2) Commodity prices have fallen significantly from their highs in recent years due to oversupply issues in almost all raw materials markets driven by slowing demand from China.
3) The US administration took steps toward ending its ban on crude oil exports, which could benefit US oil producers and allies while hurting countries like Russia, Venezuela, and Iran if the ban is fully lifted. However, many political and economic issues still need to be addressed.
Interesante analisis sobre los dividendos de la paz en Colombia,
“Colombia’ s peace deal could spur oil sector turnaround” (Acuerdos de paz en Colombia podrían estimular al sector petrolero),
Similar to Bord Gáis Energy Index October 2013 (18)
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.
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.
- 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 5% in November 2015 to its lowest ever point of 90, as the wholesale prices of Brent crude oil, UK gas, European coal, and Irish electricity all declined month-over-month.
- The document discusses how low oil prices are significantly impacting oil-exporting countries in the Gulf region, with Saudi Arabia still relying on oil for 85% of its budget despite efforts to diversify its economy.
- OPEC failed to agree on output limits at its December 2015 meeting, allowing oil production to remain high and adding to the global supply glut that is depressing prices.
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.
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.
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.
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Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
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In this article, we will dive into the extraordinary life of Ellen Burstyn, where the curtains rise on a story that's far more attractive than any script.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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2. Bord Gáis Energy Index falls
1% following a turbulent
month of oil price movements
Bord Gáis Energy Index (Dec 31st 2009 = 100)
Bord Gáis Energy Index
180
Summary:
12 Month Rolling Average
The Bord Gáis Energy Index fell 1%
in October 2013 due to a modest
softening in wholesale gas and
electricity prices. Softer wholesale
UK gas prices reflected a balanced
gas market in the absence of any
significant supply or climatic event
during October.
Points
140
100
60
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
1 Mth
-1%
3 Mth
1%
12 Mth -5%
Despite what appears to be stable
wholesale
commodity
prices,
there were dramatic moves intramonth in Brent crude oil prices
as the market reacted bullishly to
events in Libya and bearishly to the
continuing easing of geopolitical
pressures, a stronger US Dollar and
positive supply stories.
In October 2013 the Index stood
at 143.
In an unusual move the CEOs from 10 of Europe’s biggest energy utilities said at a joint press conference in Brussels that the risk of electricity blackouts
in Europe has never been higher as utilities are forced to close uneconomic natural gas-fired power plants. The CEOs blamed subsidies for renewables,
priority grid access and low carbon prices for making gas plants uneconomical. CEOs fear that, with the mothballing of 50GW of efficient gas turbine
plants in recent years and the threat to a further 130GW, there will be insufficient back up for renewables and this will become a particular concern when
the European economy recovers in the years to come.
Oil
Oil Index
180
Month-on-month the front month Brent crude price was
unchanged. However, this headline stability conceals
some significant fluctuations in Brent crude prices during
October as prices responded to a series of bullish and
bearish factors which ultimately cancelled each other out.
Points
140
100
60
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
1 Mth
0%
3 Mth
-1%
12 Mth -4%
*Index adjusted for currency movements.
Data Source: ICE
In October oil prices continued to be supported by
events in Libya and the country’s output has become a
major near-term uncertainty hanging over the oil market.
In the post Gaddafi era a security vacuum has allowed
growing political unrest to shut down oil export terminals
and production facilities. Since August Libyan output
has fallen to a fraction of the 1.4 to 1.5 mb/d it produced
earlier in the year. Lost Libyan supplies have contributed
to the erosion of the world’s surplus crude oil production
capacity to under 2 mb/d in recent months. In September
there had been cause for some optimism when a deal was
struck with workers at two major fields which had led to
their restart and renewed exports. However, this optimism
proved to be temporary and in October oil prices reacted to the kidnapping, albeit brief, of Libya’s Prime Minister Ali Zeidan which underscored the
challenging security environment. The picture deteriorated further when a fresh strike was called at an oil field and Libyan production reportedly fell to just
250,000 b/d. Towards the end of the month the situation started to improve modestly and month-on-month Libya’s production increased, albeit from a low
level in September. However, according to Barclay’s Bank “the potential for a near-term resolution that would allow the bulk of Libya’s oil to return to the
market on a sustainable basis is remote” so markets will continue to monitor the situation. Despite OPEC’s enormous belowground resources, production
issues in Venezuela, Nigeria, Algeria, Iran and Iraq have added to oil supply anxieties. Other factors supporting oil prices during the month were the Fed’s
decision not to slow quantitative easing, a growing sense that the world’s Central Banks will continue the era of easy money in 2014, record equity prices
and rising bond prices. An expanding manufacturing sector and economy in China contributed some additional upward price pressure. Asia is the centre
of energy consumption and is expected to remain the demand engine going forward. In this context, in October China overtook the US as the biggest
importer of oil due to economic growth and the rise in car sales.
These bullish events were counterbalanced by news that Syria’s declared equipment for producing, mixing and filling chemical weapons had been
destroyed. It is now expected that Syria will destroy its chemical weapons by mid-2014. Easing of geopolitical tensions continued as it emerged, following
talks between Iran and the West in Geneva, that Iran had made a proposal aimed at ending the long-running dispute over its nuclear programme. This was
described as “an important contribution” following “substantive and forward-looking negotiations”. Talks are set to resume on November 7-8.
Rising US crude inventories and targeted North American oil production growth of 1.2 million b/d in 2013, due to the revival of US production, also weighed
on prices. The American benchmark oil price slid throughout the month and suffered its longest losing streak in 17 months, amid expanding US crude
supplies. This weakness in turn weighed on Brent crude prices. News of rising OPEC production growth in October, due to a rebound in Iraqi production,
provided some additional downward price pressure as did the US Dollar’s sharp and significant gain versus the euro late in the month. Brent crude prices
tend to soften when the US Dollar gains in strength. The euro suffered on speculation that the ECB will cut interest rates.
3. Natural Gas
Natural Gas Index
300
In euro terms, the average Day-ahead gas price for September
was 2% lower month-on-month and traded within a tight range
of between 63p - 66p a therm. A stronger euro versus sterling
had a strong influence on the month-on-month drop. The euro’s
strength was attributed to the expected repatriation of overseas
assets by euro zone lenders ahead of the ECB’s audit of the
region’s financial system. The sale of offshore assets is seen as a
move by lenders to consolidate their balance sheets, repay loans
taken out under the Longer-Term Refinancing Operations and
reduce their exposure to foreign currency-denominated assets
which could be an issue during the asset quality review.
250
Points
200
150
100
50
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
1 Mth -2%
3 Mth
3%
12 Mth -4%
*Index adjusted for currency movements.
Data Source: Spectron Group
Since July the monthly average Day-ahead gas price has been
stuck at around 65p and, without any significant weather event
or gas supply issue in October, wholesale gas prices remained
stable. On a positive note, with the average Day-ahead UK gas
price for October out turning at 64.87p, it was nearly 2p lower
than the average forward price for October in 2013. Gas traders
will be relieved to see long range UK stock levels at 93% full and
LNG stocks at 69% at the end of October as we descend deeper into winter. This relief was felt in forward prices which also weakened slightly month-on-month.
During the month National Grid released its much anticipated Winter Outlook 13/14 and it estimates that UK Continental Shelf gas output will be around 19% lower than
last year and that LNG imports are likely to remain low. As a result the UK will be more dependent on storage and imports from mainland Europe and Norway. It states
that “it is clear that the combination of UK supplies and a diverse range of import capacity, combined with a mixture of storage types has performed well over the
last eight years...(but that)...multiple, coincident events within a winter could prove challenging”. Pressure on LNG supplies to the UK has already emerged as China is
reportedly “scouring global markets for gas imports to avert a looming supply crunch” and competition from South Korea and Japan has pushed Asian LNG spot prices
to around US$17.50 per mmBtu, far exceeding European spot prices. In a separate report, Qatar (which is historically a major supplier of LNG to the UK) is expected
to have reduced flexibility to deliver LNG to Europe as high volumes of cargoes have been committed to Asian buyers this winter through long-term contract volume
extensions. So far this year there has been a 38% drop in the number of Qatari cargoes arriving in Britain compared to the same period last year. Fears of a fresh natural
gas dispute between Russia and the Ukraine also intensified after Kiev defaulted on its US$882 million August payment for Russian gas supplies.
Coal
Coal Index
260
In euro terms the ICE Rotterdam Monthly Coal Futures contract
was 1% higher month-on-month. Intra-month, wholesale prices
had been rising steadily (moving from a low of US$81.60/mt
to US$86.40/mt) before the market reassessed how tight the
situation was to ensure that month-on-month there was little
movement.
Points
205
At one point the ICE Rotterdam Monthly Coal Futures contract hit
a closing high of US$86.40 as the market had been perceived to
be tight with: the impact of the delayed shipments from Colombia
following a 53-day miners’ strike which ended in late September
being felt; supply concern following a bomb attack by the leftist
guerrilla group FARC which disrupted the rail line connecting
some mines to ports that supply Europe; Russian logistical issues
marring vessel shipments from one or two Russian producers;
and robust German coal burn contributing to lower stocks in
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
Amsterdam-Rotterdam-Antwerp. However the market failed to
retain any significant wholesale price rise as the supply concerns
*Index adjusted for currency movements.
Data Source: ICE
3 Mth 7%
12 Mth -7%
1 Mth 1%
proved fragile and gave way to news that a large Switzerlandbased trading house reportedly was set to ship a large amount
of South African coal into the European market starting from
November onwards.
By way of background, rapid heavy industrial growth and high overall GDP growth rates in the decade spanning 2001 to 2011 fuelled rapidly rising coal demand in China.
This outpaced domestic coal mining capacity and increased coal imports from suppliers in Australia and Indonesia which in turn supported global prices. However, in
recent years the market has turned to oversupply as Chinese mining and transportation infrastructure developed and coal demand fell. Chinese demand has eroded
due to aggressive-wide energy efficiency targets, a general slowdown in the Chinese economy and weaker-than-expected power demand. Coal at Australia’s Newcastle
port, an Asian benchmark, has dropped nearly 15% this year alone. However, in the short-term some traders expect an increase in Chinese demand as stockpiles at
both port and power plants have reportedly declined and coal production cuts by Australian miners are expected to contribute to a hardening in Asian coal prices.
Abundant European supplies, lower coal and firm gas prices, and a crash in the cost of abating carbon has meant that coal-fired power plants have increased their
dominance in the European generation mix in 2013.
150
95
40
Electricity
Electricity Index
180
In October the monthly average Irish wholesale electricity
price fell 1% month-on-month with the combination of falling
wholesale UK gas and carbon prices and lower ‘clean sparks’ (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).
Points
140
100
60
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
1 Mth
-1%
3 Mth
5%
12 Mth -6%
Data Source: SEMO
The October monthly average clean spark decreased on a
combination of increased wind and a reduced number of thermal
plant starts in the month. In October there was an increase in the
volume of electricity being produced by wind turbines. These
turbines displaced more expensive traditional thermal electricity
generators from the system and as the wind blew on a sustained
basis, traditional plants were required less often to start and
fill supply gaps left when the wind stopped blowing. Reduced
thermal generation and a reduction in the number of traditional
plant starts applied downward pressure on wholesale prices.
A month-on-month increase in the volume of relatively cheap
electricity being imported from the UK also contributed to lower
wholesale prices.
The cost of abating carbon remained weak in October ahead of the start of planned sales of 100 million EUAs by the European Investment Bank next month which
will increase the supply of carbon allowances in an already saturated market. Uncertainty over the European Commission’s backloading plan also weighed on prices
in October but it is hoped that a mandate from member states will be approved in early November to start talks with the EU Parliament on a text for backloading
(backloading will allow the delay of auctions of some carbon permits to help stem supply and enable carbon prices to rebound from record low levels).
4. FX Rates
FX Rates
1.6
Month-on-month the euro held steady against the US Dollar
and gained slightly versus sterling. However, these minimal
month-on-month changes mask significant currency moves
intra-month.
1.4
1.2
1.0
0.8
0.6
Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13
1 Mth
0%
3 Mth
2%
12 Mth
5%
EURUSD
1 Mth
1%
3 Mth
-3%
12 Mth
5%
EURGBP
As discussed in the Gas Section above, the euro’s midmonth strength was attributed to the expected repatriation
of overseas assets by euro zone lenders ahead of the ECB’s
audit of the region’s financial system. In turn, the US Dollar’s
drop in value was linked to economic weakness, sparked
by the government shutdown, coupled with a string of
underwhelming data releases (on jobs, manufacturing, nonmanufacturing, confidence, auto sales) which pointed to
some loss of economic momentum. In turn, this delays the
timing of the Fed’s tapering and the continuation of its bond
buying programme. At one point, 1 euro was equal to 1.3822
US Dollars (an exchange rate not seen since November 2011)
but most of these gains were lost toward the end of the
month with the euro equalling just 1.3584 US Dollars on 31
October. The euro suffered on speculation that the ECB will
cut interest rates.
Despite a continuation in the stream of positive data releases
on the UK economy (covering GDP growth in Quarter 3, UK house prices, retail sales and the UK services and manufacturing sectors), the pound lost some
ground on the euro month-on-month. However, similar to the situation with the US Dollar, the euro gave up most of its gains toward the end of the month
and closed at 1 euro to 0.846 sterling having hit a high of 1 euro to 0.856 sterling.
Early in the month the ECB decided to leave rates unchanged at 0.5% on continuing signs of improvement in economic activity across the monetary block.
This was later reconfirmed as data showed that industrial production and the manufacturing and service sectors across the economy expanded. However,
falling euro zone inflation weighed heavily on the euro as market expectations grew that the ECB would cut interest rates in November to stimulate growth
and spending. These expectations proved correct as the ECB surprisingly cut its main refinancing rate to a record low of 0.25%. A weaker euro may help
stimulate exports but it has the potential to make non-euro denominated commodities such oil and gas more expensive for euro zone buyers.
Market Outlook
With a stable start to winter 13/14 there will be a sigh of relief among gas traders, especially given the healthy state of stocks. The outlook for gas prices over
the next five months of winter 13/14 will be determined by Mother Nature. The same primary concern exists, being the 34 million cubic metres curtailment
of Norwegian gas production due to compressor problems at the Troll swing field. According to Reuters, the Troll outage significantly limits flexibility to
ramp-up Norwegian production to meet peak demand in severe weather conditions. With declining domestic supplies and further expected decreases in
LNG imports, the UK will be more reliant than ever on piped gas from Norway and Continental Europe. This by itself is not a concern but based on recent
years multiple, coincident events within a winter could still prove challenging. However it is worth noting that according to National Grid, each year has
its own unique supply patterns and UK supplies and a diverse range of import capacity, combined with a mixture of storage types has performed well in
the past. In a separate development, the head of the European Commission’s energy unit for renewables, research and innovation and energy efficiency
outlined proposals to guide legislation and environmental rules on shale gas in the EU. At the moment legal certainty regarding shale gas exploration is
unclear and the guidelines will also seek to clarify other environmental concerns over the technology. The head said that the EC wants the guidance to be
an enabling piece of legislation that will encourage shale gas exploration in the EU. Linked to similar supply concerns in the UK context above, the head said
that “we can never be absolutely sure the tap won’t be turned off” and that “we are currently over 70% on import dependency and we will go to 80% in the
next decade”. In October, a Russian governmental commission also approved a draft law to liberalize LNG exports which would put an end to Gazprom’s
monopoly on Russian LNG exports. Russia’s energy minister said it expects Russia’s share in the global LNG market to grow to 11-12% by 2020 and further
up to 20% by 2030 from the current 4.5%.
Oil supplies and the intensity of any disruption will continue to dominate Brent crude oil prices in the months ahead with particular importance being
placed on Libyan supplies and the ongoing talks between the West and Iran over its nuclear programme. Despite OPEC having enormous belowground
resources, production constraints have been an issue and given the diverse nature of these constraints a quick and sustained solution to all is not obvious.
On a positive note, the “great revival” in US production continues apace and production gains are expected in Canada, Brazil and Kazakhstan. In the
shorter-tem, OPEC itself is predicting sluggish fuel demand and increasing supplies this winter as consumption in Asia is expected to be constrained by
the removal of subsidies in countries such as Indonesia and Malaysia. Subsidies are being cut to ease budget difficulties that threaten investor confidence.
According to OPEC, increasing product supplies and sluggish demand will likely dampen margins, leading to lower refinery runs and a reduced demand
for oil. Significant weakness in the euro versus both sterling and the US Dollar was recorded in late October and early November which has an impact on
euro zone buyers of oil, gas and coal.
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.
Oil 61.96%
Gas
14.72%
Electricity
20.22%
Coal
3.1%
For more information please contact:
Fleishman-Hillard — James Dunny — 086 388 3903
Bord Gáis Energy — Aoife Donohoe — 087 773 3344
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