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Bord Gáis energy index up 1pc in January
06.02.2012
Bord Gáis energy index up 1pc in January
The Bord Gáis energy index rose 1pc in January due to an increase in wholesale oil prices.
The index now stands at 144, which is 8pc higher than in January 2011.
The increase in the index was recorded despite the unseasonably mild weather across Europe for most of January, which resulted in a minor decrease in the price of natural gas and electricity.
"The upwards pressure on oil prices in January was largely driven by market uncertainty regarding the implications of EU sanctions on Iran and the very tentative improvement in sentiment surrounding several major economies,” said John Heffernan, power trader at Bord Gáis Energy.
“Approximately 20pc of the world’s daily oil requirements pass through the Straits of Hormuz, meaning that any blockade would have significant upwards implications on global oil prices.”
The outlook for February is uncertain, he added.
“The ongoing discussions on Greece’s national debt have the potential to lower economic expectations and lead to a fall in prices, although this could be offset if the current cold weather snap continues and leads to a depletion in stocks of coal and gas.”
Karina Corbett