European prompt power prices jumped on Tuesday as renewable generation is seen falling throughout the region Wednesday.

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Prompt British wholesale gas prices fell on Tuesday morning with forecasts for strong output from the country’s wind farms curbing demand for gas-for-power generation, while curve prices rallied on oil.

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Oil prices extended gains to hit some of their highest levels since 2018 after OPEC+ discussions were called off, heightening expectations that supplies will tighten further just as global fuel demand recovers from a COVID-19-induced slump.

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European spot electricity prices for Tuesday delivery fell on Monday as renewable generation is expected to increase in both France and Germany.

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British and Dutch wholesale gas prices mainly rose on Monday morning, after hitting record highs last week, due to low liquefied natural gas supply, higher carbon prices and the risk of outages.

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Oil prices were slightly up on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.

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British wholesale gas prices eased on Friday on higher flows from Norway and a correction following Thursday’s rally that lifted several contracts to record highs.

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Oil prices edged lower on Friday after OPEC+ ministers delayed their output policy meeting, with sources saying the United Arab Emirates had balked at plans to return 2 million barrels per day (bpd) to the market in the second half of the year.

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British and Dutch wholesale gas prices continued to rise on Thursday morning, amid a global gas rally, as maintenance outages, high liquefied natural gas prices, low storage and less pipeline supply stoked buying.

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Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.

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