Oil prices fell for a third session on Wednesday to be down about 17% so far this week as the outlook for fuel demand darkened amid travel and social lockdowns triggered by the coronavirus epidemic.
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European spot electricity prices fell on Tuesday as demand eased due to the coronavirus crisis, which is keeping workers at home and seeing industries close, and as thermal and renewable power supply increased.
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Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market.
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European wholesale gas prices fell on Monday morning due to lower demand and in line with the wider energy complex, as markets plunged due to the spread of the novel coronavirus.
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Oil fell on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut.
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Power prices for Monday delivery rose in Europe’s wholesale market on Friday as wind power supply in the main producer country Germany was forecast to fall by two thirds in the period from high levels previously. ›
Prompt British wholesale gas prices rose on Friday morning as strong demand for gas from power plants left the market undersupplied. ›
Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite eking out a 2% on Friday, as investors eyed evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.
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British wholesale gas prices fell on Thursday morning, amid a weaker energy complex, weighed by higher supply and expectations of lower demand.
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Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s decision to declare the coronavirus outbreak a pandemic.
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