Global energy markets fall
Prices across global commodities and energy markets have fallen over the last fortnight, and UK gas and power prices with them, as fears of a stalling global economy have taken their toll and Iran conflict worries have eased.
Dropping Chinese imports and concerns than Spain will become the latest EU state to need a bail-out have stirred some of the economic gloom. Oil prices have also been pushed lower by US crude oil stocks hitting a 22-year high for the time of year and “productive” UN-Iran nuclear programme talks, which are seen as reducing the risk of a military clash in the Straits of Hormuz.
Annuals down 5%
UK gas prices have been mostly weaker since the start of April, despite many periods rallying just after Easter amid strong import demand from mainland Europe.
Although a drop in temperatures has supported short-term prices, healthy supply levels have helped offset the effect of the Elgin gas leak and outage and scheduled shutdowns elsewhere – including at the Sean field. Longer term levels meanwhile have been pushed lower by a $6 drop in oil prices, fresh global recovery doubts and a perceived cooling of tensions between Iran and the West.
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| Energy price shift between 02 May 2012 and 16 May 2012 | |||
 Elec: -4.62% |
Gas: -4.41% |
Coal: -0.53% |
Oil: -0.71% |