British prompt wholesale gas prices edged up on Tuesday morning, supported by forecasts of higher gas-for-power demand. The rise was limited due to full storage and expectations of an increase in liquefied natural gas (LNG) send-out in October.
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Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia.
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British wholesale gas prices edged up on Monday in a slightly undersupplied market as an unplanned outage lingered and warnings of a strike in France raised the prospect of more gas demand in mainland Europe.
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Oil prices rose more than 1% on Monday on doubts over how fast Saudi Arabia can restore full crude output after an attack earlier this month on its largest processing facility, and as tensions in the Middle East remained high.
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Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.
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British gas contracts were mixed on Wednesday, with prompt prices rising on tight supply and the month-ahead price falling after French utility EDF said there is no need to close any of its nuclear reactors despite some technical problems.
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Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month’s end while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges.
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British gas prices fell on Tuesday morning, paring the past week’s gains as some supply risks diminished, but uncertainty on energy markets kept traders on tenterhooks.
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Oil dropped on Tuesday although the market remains on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that cut the kingdom’s output in half and sent prices soaring by the most in decades.
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Oil price increases after a weekend attack on a Saudi oil facility drove European electricity forwards up on Monday with the German curve benchmark hitting a six-week high.
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