- October 4th, 2019
UK GAS-Prices rise due to undersupply, lower Norway flows
British wholesale gas prices rose on Friday morning as the system was undersupplied due to reduced Norwegian flows and injections into storage.
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British wholesale gas prices rose on Friday morning as the system was undersupplied due to reduced Norwegian flows and injections into storage.
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Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.
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European spot electricity prices for day-ahead delivery diverged on Thursday as a sharp increase in German consumption after a bank holiday, and lower output from renewables, lifted its over-the-counter prompt price, while French prices slipped.
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British wholesale gas prices edged up on Thursday as a brief blast of cold weather pushed residential demand higher than expected while flows from Norway fell.
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Oil futures were largely flat on Thursday, reversing gains made earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session offset modest hopes for progress in resolving the U.S.-China trade war.
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British wholesale gas prices fell on Wednesday as an increase in imports from Norway and strong wind power generation left the market oversupplied.
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Oil rebounded from several days of falling prices after industry data showed a surprise drop in U.S. crude inventories and offset weak economic readings in the United States that have depressed global stock markets.
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Oil prices rebounded on Tuesday on reports that production at the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns continued to keep a lid on prices.
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Prompt British wholesale gas prices were mixed on Monday morning, as gas for immediate delivery was lower on higher imports from Norway.
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Oil prices slipped on Monday as China’s economic outlook remained weak even as manufacturing data improved as an ongoing trade war with the United States weighs on demand growth at the world’s largest crude importer.
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