Prompt British wholesale gas prices fell on Friday, giving up strong gains made on Thursday as forecasts for warmer temperatures than previously expected curbed demand for gas.

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Oil prices extended gains on Friday, scaling three-month highs as the United States and China moved closer to a resolution to the 18-month trade war between the world’s two biggest economies that has raised big questions about global demand for crude.

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Prompt British wholesale gas prices edged lower on Thursday morning on an influx of liquefied natural gas (LNG) cargoes to UK terminals, stronger Norway flows and an expected drop in demand.

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Oil prices rose on Thursday, recouping some of the losses from the previous session that followed a surprise increase in U.S. crude inventories, as the market mood switched to relief after OPEC forecast a supply deficit next year.

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Germany’s over-the-counter baseload power contract for day-ahead delivery posted strong gains in wholesale trade on Wednesday, supported by forecasts showing a sharp drop in wind power generation.

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Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday.

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The December 2019 edition of the Energy Services newsletter is now available! ›

British wholesale gas prices dropped on Tuesday morning after Ukrainian President Volodymyr Zelenskiy said overnight that Ukraine and Russia would work on a transit deal following his meeting with Russian President Vladimir Putin on Monday. ›

Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020.

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European spot electricity prices for day-ahead delivery soared on Monday, buoyed by forecasts showing a sharp drop in electricity generation from wind turbines, while demand is expected to rise due to cold weather.

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