Energy news in general

MSE_ForumTeam5

We've had to remove some posts from this thread which had diverged somewhat from the 'energy news' remit - please try to keep broadly on-topic, friendly and MoneySaving-focussed

QrizB

Did I miss some drama?

Crude oil prices have dropped back a little. I can almost guarantee they'll continue to drop as I took a punt this morning on the 3OIL ETC in my SSISA 🤣

This chart from Trading Economics is for Brent crude, but WTI is similar.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81916268#Comment_81916268

Natural gas prices in UK don't appear to be falling - even if US ones are by a few %.

Still above Fri close according to

https://tradingeconomics.com/commodity/uk-natural-gas

So maybe the prospect of the coordinated crude oil reserves release ?

Maybe the UK should release some refined product instead - if includes petrol / diesel - a post today said they passed a garage that was at £1.65 for diesel. I thought the £1.51 on local regional news late last week was bad - local supermarkets in the £1.48 range already. Thats 10% in sub 2 weeks.

And even if not 90 days - another repeated lesson that perhaps more than is it still 7 days gas reserve (saw one article suggesting sub 3 days currently) for UK - maybe a big lesson we failed to learn from 2022.

And if it is the reserves release and that can work for oil - perhaps another good reason why - a much higher natural gas reserve and/or more UK production - ideally both - a medium term necessity - rather than reliant on vulnerable pipelines and LPG shipments - whilst is it c24m homes still on gas grid directly reliant on the stuff (and the other 5m when the wind doesn't blow and the sun doesn't shine) - and will be for many years to come.

JKenH

https://forums.moneysavingexpert.com/discussion/comment/81916398#Comment_81916398

Unleaded 133.9p this morning when I filled up.

I think we have a few strategic fuel stores including one at Misterton near me. We need a lot more gas storage. Europe seems much better placed.

Scot_39

2p cheaper than 2 of my 3 local supermarkets - all 3 within 0.2p - here in EM town - according to one comparison site

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81912457#Comment_81912457

https://www.bbc.co.uk/news/articles/c07jyd0rrz2o

No details - just a promise

Bungle73

Just seen the latest prediction for the July price cap is a 15.6% rise. Glad I'm on a fix………..

molerat

Hopefully there will be some downwards movement with Saudi using their E-W pipeline to move some volume to the Red Sea and UAE piping to the Gulf of Oman along with the IEA releasing 400m barrels from the emergency reserves - more than the 182m released after the Russian invasion of Ukraine.

Scot_39

https://forums.moneysavingexpert.com/discussion/comment/81919179#Comment_81919179

I wish I really understood how that might all work.

I wonder how long before that feeds in / if it will lower prices - or just stop them running higher - as Brent (and WTI) up c5% - and trending now slowly upwards at $92 - about $5 above todays overnight lows.

https://tradingeconomics.com/commodity/brent-crude-oil

MattMattMattUK

Realistically just plan for a 50% increase for the rest of the year and you may be pleasantly surprised for the last quarter.