Oil prices recover in Asia

SINGAPORE: Oil prices recovered in Asian trade Thursday following a drop triggered by fresh economic data that highlighted global growth concerns, analysts said.

New York's main contract, light sweet crude for delivery in July added eight cents to $93.21 a barrel in the afternoon and Brent North Sea crude for July delivery increased 29 cents to $102.72.

Both contracts closed almost $2 lower on Wednesday after the Organisation for Economic Cooperation and Development, which groups industrial economies, trimmed its forecast for 2013 world economic growth to 3.1 percent from 3.4 percent.

"Prices have ticked up a little bit. What we are seeing is normal trading in a market where everyone is trying to manage their risks," Shailaja Nair, associate editorial director for Asia at energy market information provider Platts, told.

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Oil prices down in Asia

SINGAPORE: Oil prices fell in Asian trade Tuesday as data showing weak manufacturing activity in China suggested growth in the world's second largest economy was slowing.

New York's main contract, light sweet crude for delivery in July dropped 34

cents to $93.11 a barrel and Brent North Sea crude for July delivery shed four cents to $102.02.

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Oil prices up in Asian trade

SINGAPORE: Oil prices rose in Asia on Wednesday, with dealers buying cheaper crude ahead of key economic releases from the United States, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude

for delivery in July added 43 cents to $93.74 a barrel and Brent North Sea

crude for July increased 13 cents to $103.37.

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Short-Term Energy Outlook Supplement: Natural gas supply constraints in New England affect regional energy prices this winter

U.S. ENERGY INFORMATION ADMINISTRATION
WASHINGTON DC 20585

FOR IMMEDIATE RELEASE
January 18, 2013

WASHINGTON, DC - As much colder temperatures move into the U.S. Northeast next week, a special supplement released today by the U.S. Energy Information Administration looks at how natural gas supply constraints in New England could affect the region's energy prices. In fact, spot prices of natural gas for delivery between Saturday, January 19 and Tuesday, January 22 exceeded $14 per million British thermal units (MMBtu) at some Northeast locations. This is about four times higher than the $3.54 price for the same delivery period reported at Henry Hub, the benchmark location for pricing natural gas in the United States.

EIA posted the supplement here on its website.

Highlights of the supplement:

Since November, New England has had the highest average spot natural gas prices in the nation. Full pipelines from the west and south limit further deliveries from most of North America, while high international prices and declining production in eastern Canada pose challenges in making up the difference from the north and east, except at higher prices. As a result of these market conditions, New England natural gas and electric power prices this winter will be volatile at times. During November and December, spot natural prices in the northeastern United States went up and down in relation to weather-driven pipeline constraints. These price movements have continued into January 2013 so far. Looking to the rest of this winter, recent forward market prices indicate that New England's high natural gas prices could persist and rival northwestern European prices, which could lead to an increase in LNG imports. This report was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA's data, analyses, and forecasts are independent of approval by any other officer or employee of the United States Government. The views in this report therefore should not be construed as representing those of the Department of Energy or other federal agencies.EIA Program Contact: Christopher Peterson, 202-586-4804, christopher.peterson@eia.gov

EIA Press Contact: Jonathan Cogan, 202-586-8719, jonathan.cogan@eia.gov

EIA-2013-1

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