Oil prices fell on Wednesday amid signs that global markets remain adequately supplied, despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran.

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Day-ahead prices on Europe’s spot power market on Tuesday recaptured levels paid ahead of the four-day Easter holiday, while those for delivery next week dropped sharply on expectations of declining demand.

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British wholesale gas prices dropped to their lowest in nearly two years on Tuesday as a planned shutdown of the IUK pipeline between Europe and Britain, coupled with warm temperatures and strong wind output, created oversupply.

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Oil prices hit 2019 highs on Tuesday after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

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The British wholesale day-ahead gas price fell on Thursday due to warmer weather and lower demand expectations but signs of possible reduced flows from Norway in the future prompted prices further along the curve to rise.

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Oil markets fell on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing OPEC-led supply cuts.

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European wholesale spot power prices were down on Wednesday as demand eased ahead of the four-day Easter holiday period that starts on Friday, and with temperatures going up. ›

British wholesale gas prices fell on Wednesday despite a slightly oversupplied system due to forecasts for warmer than expected weather and as power production from wind turbines is set to increase.

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Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.

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British wholesale gas prices fell on Tuesday morning as expectations of warmer temperatures curbed demand.

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