British wholesale gas prices rose on Wednesday morning as expectations of cooler weather ramped up demand and prices built on the previous day’s gains following the outcome of an auction for additional transit capacity through Ukraine.

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Oil prices rose on Wednesday amid optimistic forecasts of global fuel demand recovery, while the rapid spread of COVID-19 infections in India and a bigger-than-expected build in U.S. crude stocks capped gains.

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British and Dutch wholesale gas prices fell on Tuesday as the market awaited the outcome of an auction for additional transit capacity through Ukraine, which could increase Russian gas supplies.

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Oil prices rebounded on Tuesday after falling in the previous session, but gains are likely to be capped amid growing concern about fuel demand in India, the world’s third-biggest crude importer now slammed by spiralling new coronavirus cases.

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British wholesale prompt gas prices rose on Monday morning, correcting losses on Friday due to expectations of higher Russian flows next month.

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Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May.

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Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India’s surging second wave of COVID-19 cases limited gains.

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British wholesale gas prices were higher on Thursday morning amid strong European carbon prices and colder weather.

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Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.

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Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.

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