Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week’s OPEC+ meeting as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports.
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Europe’s wholesale power benchmark hit a record high before paring gains by midday on Friday on surging coal, gas and emissions markets while spot prices for Monday fell on lower demand and more wind supply.
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British wholesale gas prices rose on Friday morning as weak supply from the country’s liquefied natural gas terminals (LNG) and strong demand from the power sector led to an undersupplied market.
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Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August.
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European prompt power prices on Thursday were weighed down by weaker demand and more French nuclear supply while forward curve contracts rallied, led by firmer carbon and fuels.
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British wholesale gas prices rose on Thursday morning, amid continued low supply from the country’s liquefied natural gas terminals and low storage levels.
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Oil prices gained for a second day on Thursday after a bigger-than-expected drawdown in U.S. crude and gasoline stocks confirmed outlook for robust fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
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British wholesale gas prices rose on Wednesday morning as a drop in supply from the country’s liquefied natural gas terminals and ongoing maintenance led to an undersupplied system.
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European spot power prices climbed on Wednesday on expectations of lower renewable generation in Germany.
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Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America.
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