Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic.
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British wholesale gas prices were mixed on Wednesday morning with low wind power forecasts lifting the within-day contract and expectations of strong supplies of liquefied natural gas (LNG) sending the day-ahead contract lower.
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Crude oil climbed on Wednesday after industry data showed U.S. inventories declined more than expected and OPEC raised its outlook for oil demand, but gains were capped by worries about the coronavirus and by rising supplies.
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British wholesale gas prices dropped by almost 3% on Tuesday morning on high imports, though losses were kept in check by strong demand because of unseasonally cold weather.
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Oil prices climbed on Tuesday as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.
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Oil slipped on Monday in thin trading as rising COVID-19 case numbers in some parts of the world kept a lid on prices, even as the Federal Reserve signalled the U.S. economy may soon rebound as vaccinations accelerate.
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British wholesale gas prices rose slightly on Friday as a forecast dip in wind power output increased gas demand from power stations and flows of liquefied natural gas (LNG) fell.
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Oil prices edged down on Friday as investors weighed rising supplies from major producers and the impact on fuel demand from the COVID-19 pandemic.
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Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise.
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Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell.
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