Fall in global oil prices drags Bord Gáis Energy Index down

Sharp falls in global oil prices dragged the Bord Gáis Energy Index down last month despite monthly increases in the other energy sources.

The price of wholesale natural gas jumped 4 per cent in October while coal prices were 2 per cent up on September. Wholesale electricity prices edged up 1 per cent.

However, a 9 per cent slide in the price of oil on world markets saw the energy index dip 5 per cent in October.

Saudi Arabian national petroleum and natural gas company Saudi Aramco cut prices in a move being seen as a response to competition from alternative oil sources in the US. –(Bloomberg)