European spot power prices for day-ahead delivery set new five-month highs on Wednesday, reflecting a tight supply-demand balance in the region’s summer heatwave.

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British wholesale gas prices mostly rose on Wednesday morning, with wind power generation expected to dip while a heatwave is expected to lead to increased demand for gas from power plants.

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Oil prices nudged higher on Wednesday on rising tensions over Iran, a sharp fall in U.S. crude stocks and positive signs on Sino-U.S. talks, although worries about weak demand kept a cap on gains.

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European spot electricity prices for day-ahead delivery rose on Tuesday with the French contract making strong gains as forecasts for a heatwave were set to boost power demand for cooling, while nuclear generation will slip due to planned outages.

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British wholesale gas prices fell on Tuesday as warm weather and strong wind power output limited demand and left the system oversupplied.

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Oil prices edged up on Tuesday on concerns about possible supply disruptions in the Middle East, but a weaker demand outlook kept a lid on gains, helped by a vow by the International Energy Agency (IEA) to keep global markets adequately supplied.

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Nearby power prices rose in the European over-the-counter market on Monday as the region warmed up, lifting air conditioning demand at a time that wind power output is dropping and some nuclear plants are due to encounter heat-related reductions.

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British wholesale gas for immediate delivery fell on Monday as low demand, in part due to high wind power generation, pushed the system into oversupply.

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Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although gains were capped as Libya resumed output at its largest oil field.

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European baseload electricity prices for year-ahead delivery rose on Friday on the back of gains in carbon emissions, coal and other related fuel prices, while prices for early next week were buoyed by a forecast drop in conventional power generation.

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