Oil prices fell on Thursday after OPEC and IEA reports cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world’s biggest oil importer.

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European prompt power prices for day-ahead delivery diverged on Wednesday, as a forecast drop in wind power supply lifted the German contract and the French contract slipped because of an expected fall in consumption.

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Prompt British wholesale gas prices edged lower on Wednesday morning as flows from the country’s liquefied natural gas terminals (LNG) ramped up.

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Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.

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Oil prices rose around 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China.

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British wholesale gas prices fell on Monday morning as continued high winds across the country led to expectations of strong wind power output and fears of weaker Chinese LNG demand due to the coronavirus weighed on prices.

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Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.

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European prompt power prices on Friday fell sharply for Monday delivery because main wind producer country Germany was expecting huge wind power volumes to feed turbine output, and demand was decreasing as milder weather was on its way. ›

Prompt Asian spot prices for liquefied natural gas (LNG) hit new lows this week, tumbling below $3 per million British thermal units (mmBtu), after reports of China’s top buyer of the super-chilled fuel declaring force majeure on prompt cargoes. ›

British wholesale gas prices fell on Friday morning as forecasts of strong output from the country’s wind farms curbed gas demand from power stations. ›