German power prices for delivery next Monday fell in Friday trading on the European wholesale market on expectations of increased German and French wind supply. Germany's Monday baseload power price fell to 196.50 euros per megawatt hour as of 1032 GMT, down 5.5% from Friday. The equivalent French price shed 4.7% to 198 euros/MWh.
Oil prices steadied on Friday, setting them on course for little change on the week, as a planned European Union ban on Russian oil balanced concerns that slowing economic growth will hurt demand.
Oil prices settled slightly higher on Friday as a planned European Union ban on Russian oil and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand. Brent futures for July delivery rose 51 cents, or 0.5%, to $112.55 a barrel. WTI notched its fourth straight week of gains, which it last did in mid-February.
Oil prices were little changed on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some coronavirus lockdowns. Brent futures for July delivery fell 36 cents, or 0.3%, to $111.68 a barrel by 0015 GMT, while U.S. West Texas Intermediate crude fell 36 cents, or 0.3%, to $111.85 on its last day as the front-month.
U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave.
- At least eight people were hurt in a blast at S-Oil Corp's Onsan refinery in Ulsan, South Korea on Thursday, the Yonhap news agency reported https://en.yna.co.kr/view/AEN20220519011051320?section=news. S-Oil is the country's third-largest refiner and its main shareholder is Saudi Aramco.
-U.S. spot power and natural gas prices soared on Thursday to their highest a year or more in several parts of the country as consumers cranked up air conditioners to escape an early spring heatwave.
After hitting seven-week highs, oil prices slumped 2% on Tuesday as Reuters reported that the United States could ease some restrictions on Venezuela's government, raising hopes that the market could see some additional supplies. Prices also fell after Federal Reserve Chairman Jerome Powell warned the economy could be hurt by attempts to reduce inflation.
Oil prices rebounded from two days of losses in a volatile session on Thursday, bolstered by weakness in the dollar and expectations that China could ease some lockdown restrictions that could boost demand. Crude benchmarks continued their spate of wild swings, with both Brent and U.S. crude rising by nearly $5 a barrel in the span of a few hours, recovering from losses earlier in the week.
Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude futures for July settled down $2.82, or 2.5%, at $109.11 a barrel.
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