Oil eased from 2019 highs reached earlier in Thursday’s session, but markets remain relatively tight amid supply cuts led by producer club OPEC and U.S. government sanctions on Iran and Venezuela.

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British wholesale gas prices fell on Wednesday as mild weather created a supply surplus despite declining flows from Norway, traders said.

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Oil prices edged up on Wednesday, supported by ongoing supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, although gains were limited by concerns over economic growth.

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British wholesale gas prices picked up from 18-month lows on Tuesday, as an unplanned outage reduced supplies slightly from Norway and buyers braced for a potential impact of labour strikes due at some platforms.

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Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.

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Britain’s imports of liquefied natural gas (LNG) for March are at their highest levels since October 2015, helping British wholesale gas prices slide to a more than 18-month low.

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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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