Tuesday 24 April 2018

No change in Bord Gais Energy Index last month

THE Bord Gais Energy Index was unchanged in February as hopes for a global economic recovery were impacted by a number of negative economic releases.

The index now stands at 150, a decrease of 4pc on February last year.

Bord Gais said a key factor that could impact oil prices in the months ahead was the growing shale oil revolution in the US.

Imports

"Evidence of its evolution appeared during the month as US oil output hit a 20-year high and its net petroleum imports fell for the first time in over 20 years," said John Heffernan, power trader at Bord Gais Energy.

"Domestic US oil output is now 22pc higher than a year ago.

"With the US relying less on imports, particularly from Nigeria, prices are easing in the global oil market," he added.

Irish Independent

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