European wholesale spot power fell on Tuesday, as demand forecasts stayed flat and solar power supply rose. Year-ahead prices also rose on the back of higher carbon and fuel prices.
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Oil prices made marginal gains on Tuesday, reversing out of earlier losses, as hopes for further cuts in crude supplies took the sting out of concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand.
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Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
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Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s top consumer of crude and fuel.
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Oil prices fell by about 4% on Thursday on worries about slow demand growth as coronavirus cases rise, with U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve saying recovery from the pandemic could take years.
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Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world’s largest crude consumer amid the coronavirus outbreak.
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Oil prices rose on Tuesday, boosted by hopes for a swift recovery in fuel demand as coronavirus lockdown measures are eased across the globe, but gains were capped by the spectre of persistent oversupply in the market.
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Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.
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European wholesale spot power prices for early next week delivery rose on Friday on a forecast of lower electricity generation from wind turbines and a decrease in French nuclear availability amid rising French consumption.
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Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.
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