European prompt power prices dropped on Tuesday as wind supply is seen rising throughout the region on Wednesday and French demand is expected to fall due to a national holiday.

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The British day-ahead wholesale gas price inched up on Tuesday morning due to lower flows through the Vesterled pipeline and an unplanned outage at a UK terminal but the August contract dipped amid expectations of higher wind output.

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Oil prices climbed on Tuesday, reversing most of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains.

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British wholesale gas prices mostly fell on Monday morning as a dip in demand coincided with an increase in UK continental shelf (UKCS) supply, leaving the market oversupplied.

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European spot wholesale power prices on Monday rose on tighter renewable and nuclear energy output while forwards tracked a weaker fuels and carbon complex.

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Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.

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Prompt British wholesale gas prices rose on Friday morning, mirroring gains across the energy complex, despite an over-supplied gas system.

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Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse.

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British wholesale gas prices fell on Thursday morning as UK domestic production started to ramp up after outages and European carbon prices declined.

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Spot prices in Europe’s wholesale power market on Thursday dipped from contract highs a day earlier, as more German wind supply in the system and weaker demand ahead of the weekend relaxed the balance.

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