Oil prices dipped on Wednesday as analysts cut their forecasts for fuel demand in China following mobility curbs from the spread of the highly infectious Delta variant of the coronavirus, offsetting a bullish outlook for U.S. fuel demand.
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Oil prices rose more than 1% on Tuesday, recouping some of the losses in the previous session when prices hit a three-week low, but gains are likely to be limited on worries that rising COVID-19 cases and restrictions in China will dent fuel demand.
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European prompt power prices rose on Monday as lower wind supply was forecast in France and Germany while air conditioning demand crept up with a return to higher temperatures on the cards.
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Prompt British wholesale gas prices firmed on Monday morning as lower Russian gas flows to Europe via the Yamal pipeline continue to affect market sentiment, though Dutch prices eased on news the plant behind the supply woes has restarted.
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Oil prices fell more than 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.
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European power futures set record highs on Friday in a wholesale market driven by firmer related fuels and carbon, continuing recent bull runs.
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British wholesale gas prices rose on Friday morning with supply from Russia curbed following a fire at a Gazprom plant on Thursday.
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Oil prices extended gains on Friday, but remained on track for their biggest weekly decline since March as travel restrictions to curb the spread of the COVID-19 Delta variant are raising concerns about fuel demand.
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Oil prices fell on Thursday wiping out early gains as more countries imposed movement restrictions amid a surge in coronavirus cases and as the U.S. dollar firmed, though tension in the Middle East kept prices from falling further.
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European wholesale spot power prices fell on Wednesday on a forecast rise in wind supply throughout the region, while demand is seen down in both Germany and France.
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