British wholesale gas prices slipped on Monday despite a forecast of undersupply, as flows were expected to remain robust in the absence of outages, boosted by a barrage of liquefied natural gas (LNG) deliveries this week.
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Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signalling it may need to expand output cuts into the second half of 2019.
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British wholesale gas prices fell on Friday as high output from the country’s wind farms curbed gas demand and the expectation of several deliveries of liquefied natural gas (LNG) weighed on the market.
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Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.
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British wholesale gas prices were mixed on Thursday as wind generation remained at maximum levels but gas supplies were reduced due to lower send-out rates from a liquefied natural gas (LNG) terminal.
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Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with U.S. sanctions on Iran and Venezuela tightened global supplies.
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British wholesale gas prices fell on Wednesday morning due to strong wind output which reduced gas demand for power generation. ›
Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer group OPEC and by U.S. sanctions against Iran and Venezuela.
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British wholesale gas prices fell on Tuesday due to a surplus in the system driven by strong wind power production, with turbines reaching maximum capacity levels.
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Oil prices rose on Tuesday, as OPEC’s de facto leader Saudi Arabia appeared to deepen the group’s supply cuts aimed at tightening markets, although gains were capped by the ongoing surge in U.S. supply and worries over the global economy.
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