Energy Blast – Feb 8, 2012

UK wholesale gas prices are at their highest levels in six years thanks to the current shortage.  France’s GDF Suez said last night that it was still receiving gas levels 10% below contracted volumes.  Italy’s emergency over heating needs forced it to turn to oil-fired power stations to meet demand.  Urakine’s Energy Minister says that Russia is still supplying 12% less gas to its infrastructure system then contractually agreed.  Ukraine will begin privatizing gas supply companies in May.  China is ‘scouring the world’ in a bid to replenish oil supplies lost through the drop in Iranian imports.  Russia’s Sakhalin Energy has increased its revenue by $1 billion, year on year, thanks to price hikes.