- July 10th, 2020
UK GAS-Prices fall on oversupply due to weak demand
British wholesale gas prices dropped on Friday morning due to the oversupply of the gas system amid a drop in gas-for-power demand.
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British wholesale gas prices dropped on Friday morning due to the oversupply of the gas system amid a drop in gas-for-power demand.
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Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere could suppress fuel demand.
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Prompt British wholesale gas prices edged lower on Thursday morning as an uptick in imports from Norway left the market oversupplied.
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Oil prices were little changed on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.
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Oil prices dipped on Wednesday as industry data showing a build in U.S. crude stockpiles added to worries about oversupply while a surge in coronavirus cases in the United States and other areas cast doubts over a pick-up in fuel demand.
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European spot electricity prices for Wednesday delivery jumped to more than 5-month highs due to a falling forecast for German wind and solar power generation, while French nuclear availability remained low.
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Prompt British wholesale gas prices were little moved amid quiet trade on Tuesday morning, with some support coming from a rise in gas-for-power demand.
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Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.
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The German year-ahead power contract surged on the wholesale market on Monday, as carbon permit contracts jumped and oil prices rose due to tighter supply.
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Oil prices were mixed on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.
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