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he mild winter, the current tensions are likely to justify an 'uncertainty premium' for the coming winter."In response, European gas prices have risen for the forthcoming heating season. The December 2014 contract for natural gas (NBP) has meanwhile risen by around 15% since the end of March and at 63.55 British pence per therm is close to its yearly high."RelatedIraq Shuts Biggest Oil Refinery and Evacuates Foreign Staff as Isis Closes InRussia-Ukraine Gas Crisis: Gazprom Chief Accuses Ukrainians of Blackmail as EU Urges Further TalksRussia Turns Off Ukraine Gas Supplies After Energy Talks Break Down  <div
Oil Futures Jump 4% on Iraq Supply ConcernsBy M RochanJune 14, 2014 12:51 BSTA view of West Qurna oilfield is seen in Basra, southeast of Baghdad.ReutersOil futures rose on 13 June, and added 4% for the week, amid rising political tensions and violence in Iraq, where civilians are volunteering to join the ongoing fight against Isis militants who are making rapid advances.A long-drawn-out crisis could hit supplies from Opec-member Iraq.August Brent contract finished four cents higher at $112.46.July Brent contract finished 39 cents,2013 Air Max 2009 V Men UK Running Shoes Black Green, or 0.4%, higher at $113.41 a barrel on 13 June. The contract expired on Friday.Both contracts gained some 4% for the week as a whole.July US contract finished 38 cents, or 0.4%,Nike Air Max 2014 Woman White Orange Green, higher at $106.91 a barrel on 13 June.Prices gained 4.1% for the week.Capital Economics said in a 13 June note to clients: "The immediate risks from the fighting in the north are limited, as Iraq's oil industry is concentrated in the south and in the autonomous Kurdish region. Of course, this is yet another reminder of the instability across the Middle East in the wake of the "Arab Spring". This in turn is the most important reason why the cost of a barrel of Brent crude has averaged $110 since 2011. Nonetheless, the current price (of around $113) is still not far above that average, so the latest spike is not that significant in itself."Admittedly, vague warnings of US intervention might signal the risk of further contagion. But it is surely unlikely that the West would want to become embroiled again, given the recent disengagements (from Afghanistan and Iraq itself) and inaction elsewhere (from Syria to Ukraine). More likely, the West would write off Iraqi production for an extended period, seeking instead to offset any shortfall in supply from other sources, and if necessary by releases from ample strategic reserves.""We will not therefore be revising our oil price forecasts in the light of the latest events alone,Nike Air Max 90 Camouflage Blue, although our current view that Brent will drop back below $100 by year-end is clearly looking even more of a stretch,Air Max 90 Nike Woman Grey Yellow Black," Capital added.Iraqi oil.Bloomberg, Commerzbank ResearchCommerzbank Corporates & Markets said in a 13 June note: "...Indeed, the risk premium is rising amid the unrest in the north of Iraq. While crude oil exports from this region are markedly lower than exports from the south of the country, even in normal times, at almost 500,000 barrels a day compared with about 2.5 million barrels (and are zero in any case at present), the pace with which militant Islamists are occupying new regions of the country is worrying.""Iraq's second-biggest city Mosul has been seized. This Islamist offensive could endanger the recent rapid rise of Iraqi oil production. In February,Nike Air Max 90 Camouflage Red, the country's oil production climbed to 3.6 million barrels a day thanks to new production facilities in the south of Iraq, this being the highest output level since 1979 according to International Energy Agency data (IEA).Opec oil.Commerzbank Research"Consequently, Iraq is a beacon of hope among OPEC countries.[In 2013], the IEA expected the production to expand by almost 1.6 million barrels a day through 2018. Its latest estimate of the medium-term supply and demand outlook to 2019 will be released [on 17 June]."It will be interesting to see whether production in the USA is viewed even more optimistically and what feedback effects are expected on supply and demand. Up to now, the IEA has expected global production capacity to rise at a stronger rate than demand through 2015 and OPEC capacity to only pick up again from 2016," Commerzbank added.RelatedGold Prices to Rise Further Amid Middle East TensionsOil Price Hits Nine-Month High as Iraq Crisis Sparks Market ConfusionIndian Rupee Falls to One-Month Low on Iraq Oil Woes But Experts See it Rebounding SoonCrude Oil Triggers Major Bullish Signal as Iraq Unrest Escalates, Targets $110-113 RangeIsis Militants Surround Iraq's Biggest Oil RefineryIraq Crisis: Baiji Refinery not Controlled by Isis Militants  <div
Oil Price Hits Nine-Month High as Iraq Crisis Sparks Market ConfusionBy Nigel WilsonJune 13, 2014 15:12 BSTVolunteers who have joined the Iraqi Army to fight against the predominantly Sunni militants, board an army truck in Baghdad(Reuters)Brent Crude hit a nine-month high on Friday, settling above $113 a barrel amid confusion over the impact of an insurgency in northern Iraq on the country's oil exports.Crude peaked at $114.69, its highest level since September, but had fallen