Archived Summaries

Wednesday 01 August 2012
Market Opening
   Oil prices have remained virtually unchanged this morning following the declines in prices yesterday with Brent marginally down by just 10 cent and with Nymex slightly up by 15 cent amid some hopes of a stimulus package being announced by the Federal Reserve later today.  Forecast gas supplies in the UK are running at 181MCM and with demand of 168MCM leaving the system long by 13MCM this has eased the pressure on gas prices.  Continuing strong supplies of LNG from Milford Haven of 49 MCM are helping to offset the reduced contribution from the Langeled pipeline which is currently providing just 23 MCM into the system, leaving total supplies from Norway at just 37.6MCM which is well below their normal levels.  Overall though this healthy supply position has assisted in moving prompt prices down in early trading with the within day lower by 0.30p and the day ahead down by 0.65p.  Near futures are more bullish again this morning in contrast to the prompt and are up by between 0.2 and 0.4 pence in early trading while the Winter 2012 contract has moved up by 0.60p.