Oil prices edged higher on Friday after Russia said it would support a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic. ›

European spot power prices on Thursday were mixed, with those in France down on easing demand and those in Germany rising as wind power supply was forecast to halve on the day ahead.

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Prompt British wholesale gas prices dropped on Thursday with the market oversupplied and as weak liquefied natural gas (LNG) prices added to bearish sentiment.

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Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.

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European prompt power prices were mixed on Wednesday with those in France rising strongly on a brief cold spell, which pushed up electric heating demand, and those in Germany falling as its heating infrastructure is more immune to temperature changes.

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British prompt wholesale gas prices rose on Wednesday morning supported by colder weather and a drop in wind production.

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Oil prices jumped by more than 3% on Wednesday after reports that scientists have found an effective drug against China’s fast-spreading coronavirus, which has hit the world’s second-largest economy in recent weeks.

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European prompt power prices rose in the wholesale market on Tuesday as wind power supply dropped and demand increased, while distant contracts steadied after heavy falls on Monday.

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British prompt wholesale gas prices were mixed on Tuesday morning as higher supply weighed on gas for immediate delivery but lower forecast wind output supported the day-ahead.

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Oil prices clawed back ground on Tuesday, rising as much as 1% after the previous session’s slump, amid hopes for new output curbs from OPEC and its allies to offset any drop in fuel demand that might be triggered by China’s coronavirus outbreak.

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