British gas prices fell across the board on Thursday as strong supplies outweighed the impact of the high demand for heating due to falling temperatures.

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Brent oil swung between gains and losses near $30 a barrel as Iran moved closer to boosting exports and exacerbating a global glut.

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British spot gas prices rose on Wednesday as cold weather led to high demand from gas-fired power plants, leaving the system undersupplied.

Gas for within-day delivery gained 1.6 pence to 33.40 pence per therm at 0924 GMT, up 5 percent from the previous settlement.

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Crude futures rose on Wednesday for the first time in eight days, with U.S. oil pulling further away from the widely watched $30-per-barrel level breached the previous session, as Chinese data showed record imports in December.

U.S. West Texas Intermediate crude (WTI) was up 26 cents at $30.70 a barrel at 0608 GMT. On Tuesday, it fell 97 cents to close at $30.44 a barrel, after touching a low of $29.93, which was last seen in December 2003.

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Crude oil fell back to a 12-year low on concerns about oversupply and fragile demand from China on Tuesday, after briefly recovering as investors booked profits.

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While OPEC reportedly believes oil will stay below $100 per barrel over the next decade, strategist Helima Croft on Monday said $100 oil is not entirely off the table during that time.

She thinks crude can shoot back up if there is a major supply disruption in a Middle Eastern country.

“You’ve got four wars going on there,” the chief commodities strategist of RBC Capital Markets said

“So I would think it would be geopolitics that would push prices higher.”

The OPEC prediction was revealed in a draft report by the cartel, seen by The Wall Street Journal.

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The “substantial” weather event may lead to drought in Australia and heavy snowfall in the UK, meteorologists say.

A significant rise in water temperature in the Pacific Ocean is likely to have a major impact on the world’s weather over the coming months, Australian experts have warned.

The Australian Bureau of Meteorology said the eastern Pacific is in the early stages of a “substantial” El Nino event, the first in five years.

The rising water temperature alters wind and rainfall patterns and is likely to lead to drought in Australia, drier conditions in Papua New Guinea and Indonesia, and floods ›

The UK’s power generation surplus is forecast to drop below 10GW for the first and only time this summer during week 24, according to the latest data from system operator National Grid. ›

The UK’s Labour Party is the most likely major political party to banish the country’s controversial carbon tax on power generators if its wins the forthcoming general election on 7 May, according to a leading UK energy policy expert. ›

After a period of relative stability in oil prices, a number of market participants are growing increasingly upbeat on a turnaround for the commodity, predicting a sustained rally in the near term. ›