Archived Summaries

Wednesday 15th August 2012
Market Opening
Crude oil prices remain virtually unchanged in early trading on Wednesday despite the release of data by the American Petroleum Institute outlining that crude oil stocks in the U.S. had increased by over 2.8 million barrels when markets had been anticipating a reduction of 1.9 million barrels.  Front month Brent was trading very marginally up by only $0.06 at $114.09 a barrel with Nymex marginally down by just $0.12.  The UK gas system is well supplied this morning with forecast deliveries of 172 MCM exceeding the forecast demand of 155 MCM by 17 MCM.  Strong LNG output from Milford Haven is running at 44 MCM with Norwegian supplies making a contribution of  26 MCM to the system.  This healthy gas supply position has eased gas prices lower this morning.  On the prompt the day ahead and within day prices are down by 1.00p and 1.15p respectively.  Futures prices have also moved lower with the near future months down in a range between 0.60p and 0.70p.  Further out the curve prices have also fallen with the Winter 2012 contract down by almost 0.50p and is currently trading at 65.80p.  The Winter 2013 contract has also moved lower and is down by almost 0.40p at 70.40p.