In this month's Competing Fuels Tracker
- Crude oil prices remain capped at around $50 per barrel despite attempts by OPEC to engineer an agreement that would lift them. Because of this, the spread between oil and gas remains relatively narrow. ICE Brent crude oil futures remained at a $3.95/MMBtu premium to the ICE gas NBP contract in the first half of September, little changed from levels seen in August. The spread is expected to narrow to around $3/MMBtu over the winter, when gas demand tends to boost prices relative to crude oil and oil products.
- OPEC representatives will gather on the sidelines of the International Energy Forum in Algeria on 24-26 September. They will use the event, a meeting of oil and gas producers and consumers, to hold further talks on a possible agreement to freeze production, even though members failed to reach a planned agreement earlier this year. Algeria’s oil minister has said OPEC may convene an emergency meeting immediately after the IEF if the talks result in an agreement. However, this seems unlikely given the low level of Nigerian and Libyan production and the ambitions of Iran and Iraq to boost their output.
Log in or register for a free trial to continue reading this article
Already a subscriber?
If you already have a subscription, sign in to continue reading this article.
Sign inNot a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.
Sign up