Mild weather in March pushes Bord Gais energy index down
THE BORD Gais energy index dropped by 2pc in March as warmer weather overtook February’s cold snap.
The index tracks movements in the wholesale energy market and focuses on the key areas of oil, gas, coal and electricity.
The reading stood at 152 last month compared with 157 in February.
According to Bord Gais, oil prices had been higher on fears that there would not be enough oil worldwide to meet daily demand but these concerns were lower last month after claims that Saudi Arabia could increase production immediately on demand.
"After two months of rising prices, the global price of a barrel of oil finally stabilised in March, albeit at the relatively high monthly average of $125 per barrel, as the markets focused less on the potential impact on prices as a result of the tensions between the West and Iran,'' said John Heffernan, power trader at Bord Gáis Energy.