Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.

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European prompt power prices on Friday fell sharply for Monday delivery because main wind producer country Germany was expecting huge wind power volumes to feed turbine output, and demand was decreasing as milder weather was on its way. ›

Prompt Asian spot prices for liquefied natural gas (LNG) hit new lows this week, tumbling below $3 per million British thermal units (mmBtu), after reports of China’s top buyer of the super-chilled fuel declaring force majeure on prompt cargoes. ›

British wholesale gas prices fell on Friday morning as forecasts of strong output from the country’s wind farms curbed gas demand from power stations. ›

Oil prices edged higher on Friday after Russia said it would support a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic. ›

European spot power prices on Thursday were mixed, with those in France down on easing demand and those in Germany rising as wind power supply was forecast to halve on the day ahead.

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Prompt British wholesale gas prices dropped on Thursday with the market oversupplied and as weak liquefied natural gas (LNG) prices added to bearish sentiment.

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Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.

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European prompt power prices were mixed on Wednesday with those in France rising strongly on a brief cold spell, which pushed up electric heating demand, and those in Germany falling as its heating infrastructure is more immune to temperature changes.

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British prompt wholesale gas prices rose on Wednesday morning supported by colder weather and a drop in wind production.

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