Archived Summaries
Tuesday 31 July 2012
Market Close
The decrease in oil prices seen on Monday continued yesterday with markets cautious over speculation of some positive stimulus packages that may be announced this week, as the U.S. Federal Reserve meets today and amid expectations of concrete action from the European Central Bank when it convenes this Thursday. Existing and planned Summer maintenance programmes on gas infrastructure are expected to keep supplies tight in the UK and this pressure on the system contributed to the increase in gas futures on Tuesday despite the decline in oil. The within day and day ahead gas prompt prices closed lower as the gap between forecasted supply and demand narrowed as the day progressed with strong LNG supplies from the Milford Haven terminal, however gas futures prices increased across the board with the Winter 2012 contract increasing by 0.28p to close at 63.19p. Brent crude closed $1.28 lower on Tuesday to finish at $104.92 a barrel with the price of West Texas Intermediate crude also moving lower on the day to close down by $1.72.
