Oil prices hovered near six-week highs on Friday and was on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East.
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European baseload electricity contracts for next year delivery extended gains in wholesale trade on Thursday, hitting fresh multi-week highs supported by carbon emissions and related energy contracts. ›
British wholesale gas prices rose in busy trade on Thursday, as some traders looked to boost their positions in a market that was undersupplied while oil was lifting the energy complex.
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Oil futures hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.
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European spot electricity prices for day-ahead delivery soared on Wednesday on the back of forecasts showing a sharp fall in renewables power generation and a fall in French nuclear generation, while consumption is expected to remain firm in Germany.
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British wholesale gas prices fell on Wednesday, retracing gains of the previous session which had been driven by short covering, despite an undersupplied system as outages in Norway continue.
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Oil prices rose on Wednesday after industry data showed U.S. stockpiles fell far more than expected, alleviating concerns about oversupply, while major U.S. producers evacuated rigs in the Gulf of Mexico ahead of a brewing storm.
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British wholesale gas prices rose on Tuesday morning as outages at Norway’s Troll field and Nyhamna processing plant reduced imports, while power generation from wind turbines was also low.
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Oil prices dipped on Tuesday on demand concerns following the latest signs the U.S.-China trade war is dragging on the global economy, although the potential for conflicts in the Middle East offered support.
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British wholesale gas prices were mostly higher on Monday morning in anticipation of maintenance at a field in Norway and an extension to an ongoing outage.
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