British wholesale gas prices slumped on Thursday morning due to expectations of a drop in gas-for-power demand.

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Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.

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European baseload spot power prices for Friday delivery, the next trading day after a bank holiday, tumbled on Wednesday on a forecast fall in demand and a sharp rise in German wind power generation.

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Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains.

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British prompt wholesale gas prices declined on Tuesday morning on above average temperatures, reduced demand and high storage levels.

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Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic. ›

British prompt wholesale gas prices dipped on Monday morning as weak demand created oversupply in the market.

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Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of a gradual recovery in demand amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout.

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British prompt wholesale gas prices dropped on Friday morning due to weak demand, with some curve contracts supported by other fuels.

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Oil prices jumped more than 3% on Friday, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, and rounding out a week of bullish news on the supply front.

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