Continued rise in oil and gas prices drives up Bord Gáis Energy Index

Oil prices increased by 11% in September 2017

Index up by 11% month-on-month and by 19% year-on-year

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Continued rises in oil, gas and electricity prices during the month led to an 11% increase in the Bord Gáis Energy Index for September 2017.  Oil prices continued to recover, up 11%, while lower temperatures and fewer LNG deliveries into Europe resulted in a 13% increase in gas prices.  Coal rose by 5% and the higher gas prices fed through to an 11% increase in electricity prices.

This led to the index standing at 95 last month. “September saw a further jump in wholesale energy prices as all components of the Energy Index rose,” said Darragh Crowley, energy trader with Bord Gáis Energy, who pointed out that gas was “the standout category registering a 13% increase versus August and a 62% rise over the same period last year.

“Oil was a close second with an 11% rise as the market has restored its faith in the Organisation of Petroleum Exporting Countries (OPEC’s) ability to drain the world market of the glut of oil that has depressed prices since 2014,” he added. “As we enter the last quarter of the year, we expect energy prices to remain volatile as temperatures drop and geopolitical tensions continue to ratchet higher.”

For more information, see the full Energy Index at https://www.bordgaisenergy.ie/energyindex/.

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