Prompt British wholesale gas prices rose on Tuesday morning, recovering from near two-year lows hit a day earlier as supply and demand in the market was almost balanced.
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Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts.
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European power futures fell sharply on Monday in line with weaker coal, carbon and oil, and as gas prices tanked amid an influx of huge Norwegian supply into the European grid. Spot prices, however, responded firmer to tightening supply.
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British wholesale gas prices fell on Monday morning, with the day-ahead contract and the month-ahead reaching their lowest in two and three years, respectively, as an increase in Norwegian flows oversupplied the system.
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Oil prices fell by around 1% on Monday, extending losses of over 3% from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown.
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