Oil prices fell on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, stoked worries that a fuel demand recovery could stall.
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European prompt power prices fell in the wholesale market on Thursday on weaker pre-weekend demand and higher renewables and nuclear supply.
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Prompt British wholesale gas prices fell on Thursday morning as imports from Norway increased, leaving the market oversupplied.
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Oil prices rose on Thursday, reversing early losses, as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.
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British prompt wholesale gas prices were mixed on Wednesday morning as a drop in exports to continental Europe was offset by lower liquefied natural gas send-out.
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Oil prices rose on Wednesday on improving factory activity in China and drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.
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