Good morning from London where the FTSE 100 has maintained its gains from yesterday, trading at close to three-week highs. A preponderance of energy companies listed here in London means that this week’s jump in oil prices has buoyed the whole index, and also pushed UK gas prices to six month highs.
Prices hit the milestone of near 125p per BTU on Tuesday afternoon following the closure of Chevron’s gas field to the North of Israel after the outbreak of war at the weekend. Damage to a gas pipeline between Estonia and Finland has also contributed to supply concerns.
BP’s shares are up by even more than its competitors this morning, as interim chief executive Murray Auchincloss reassured investors on plans to reduce oil and gas output in the long term.
Elsewhere, pub chain Marston’s are up so far this morning after following JD Wetherspoon by reported sales growth during the year to September.
Building merchant Travis Perkins has had a more difficult morning however, after significantly lowering profit guidance on the recent slowdown in construction projects.
And finally in small caps, Avingtrans jumped early on after announcing its subsidiary Stainless Metalcrafts had won two contracts to build containers for UK nuclear waste.
