British wholesale gas prices firmed on Wednesday morning to fresh multi-year highs, amid lower flows from Norway, wider supply concerns and as storage levels remain very low.
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European power futures on Wednesday hit new contract records on a firm fuel and carbon prices complex which interacts with electricity, boosted by EU policymakers’ plan to strengthen the carbon trading system and firm oil fundamentals.
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Oil prices on Wednesday extended the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge.
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British prompt wholesale gas prices edged up on Tuesday morning, amid an expected drop in Norwegian flows from tomorrow, weak wind output and low stocks in storage.
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Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world.
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Rising consumption and weak renewable output drove European spot power prices up on Monday while lower French nuclear availability also lent support.
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British wholesale gas prices edged lower on Monday morning as an increase in imports from Norway and strong domestic supply left Britain’s gas system slightly oversupplied.
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Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week’s OPEC+ meeting as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports.
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Europe’s wholesale power benchmark hit a record high before paring gains by midday on Friday on surging coal, gas and emissions markets while spot prices for Monday fell on lower demand and more wind supply.
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British wholesale gas prices rose on Friday morning as weak supply from the country’s liquefied natural gas terminals (LNG) and strong demand from the power sector led to an undersupplied market.
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