Fears are mounting that Russia may restrict oil deliveries to Western Europe over coming days, in response to the threat of EU sanctions and Nato naval actions in the Black Sea. Any such move would be a dramatic escalation of the Georgia crisis and play havoc with the oil markets. Reports have begun to circulate… Continue Reading »
Read More →With Hurricane Gustav on course to hit the US Gulf of Mexico coast, the damage it does to the region’s oil facilities could be a “worse case scenario”. The stark warning comes from extreme weather impact analyst Jim Roullier, who says Gustav may be more damaging than 2005′s Hurricane Katrina. Output from oil rigs in… Continue Reading »
Read More →Prompt British gas prices eased on ample supply on Friday morning, while curve gas contracts and prompt power climbed. Gas for delivery on Friday dipped to 51.75 pence per therm, down about 4.25 pence from the previous close, while contracts for weekend delivery fell a penny to 52.00 pence as increased flows from the North… Continue Reading »
Read More →Two more energy firms have said they will increase gas and electricity prices, blaming higher wholesale costs. Scottish Power said it would raise gas prices by an average of 34% and electricity prices by 9%, effective from Monday 1 September. Soon after, Npower said domestic customers would see an average rise of 14% for electricity… Continue Reading »
Read More →UK Coal said a 45% rise in the market price of coal since the start of the year had transformed the outlook for its mining operation. The operator of four deep pits reported half-year losses but said “significantly higher production at a significantly higher sales price” left it on course to meet market hopes for… Continue Reading »
Read More →Crude Oil rose for a third day on forecasts Tropical Storm Gustav will strengthen as it enters the Gulf of Mexico, home to 26 percent of U.S. production. Gustav is expected to return to hurricane status before reaching Gulf platforms, according to Jim Rouiller, a senior energy meteorologist with Planalytics Inc., a forecaster based in… Continue Reading »
Read More →Marketing spend in the energy sector has swelled by more than 25% this year, coinciding with unprecedented increases in the price of fuel to consumers. The UK’s top six energy firms – British Gas, Npower, E.ON, EDF Energy, Scottish Power and Scottish and Southern Energy – collectively spent a record £58.5m on marketing from January… Continue Reading »
Read More →Commodity prices could be caught up in a storm as recent volatility continued yesterday. Hurricane Gustav is threatening oil production in the Gulf of Mexico, and the potential disruption is starting to put upward pressure on oil and gas prices after recent falls. Yesterday gas prices in Britain dived but oil rose. Low demand and… Continue Reading »
Read More →European carbon emissions prices hit a 1-month high on Wednesday on the back of rising oil prices and concerns over the Norwegian gas pipeline, traders said. December-delivery European Union carbon permits were up 44 cents or 1.9 percent at 25.20 euros a tonne, the highest level seen since July 25. “Oil’s firming on Gustav, and… Continue Reading »
Read More →Families are £2,500 worse off than they were last year as rising food, fuel, energy and tax bills have dragged disposable incomes to the lowest level since Labour came to power in 1997, a new survey suggests. The average family has £1,210 a month to spend after covering essential bills, down from £1,425 last year…. Continue Reading »
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