Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections.
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European prompt power prices diverged on Monday as rising wind power supply was forecast in Germany while demand was forecast to rise in France.
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British wholesale gas prices rose on Monday morning amid uncertainty around Russian imports, higher carbon prices and expectations of lower wind output.
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Oil prices fell more than 1% on Monday, dropping for a third session, after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy.
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British wholesale gas prices fell on Friday morning due to oversupply as flows increased from Norway and domestic production steadied. ›
Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions. ›
Prompt British wholesale gas prices edged lower on Thursday morning as a ramp up in imports from Norway and weaker demand for gas from power stations left the market oversupplied. ›
Oil prices slipped on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. ›
Oil prices dipped on Wednesday as analysts cut their forecasts for fuel demand in China following mobility curbs from the spread of the highly infectious Delta variant of the coronavirus, offsetting a bullish outlook for U.S. fuel demand.
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Oil prices rose more than 1% on Tuesday, recouping some of the losses in the previous session when prices hit a three-week low, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.
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