Monday 29 June 2020
A general rebound on the equities markets fed into commodities on Monday and oil prices gained as a result. West Texas Intermediate gained $1.20
to settle at $39.70 a barrel while Brent crude, was up 69 cents to $41.71. As wind generation more than doubled Friday's levels, demand on the UK gas system was well below the seasonal norm on Monday. A healthy supply balance did not prevent prompt gas prices gaining up to 1.50p and the July contract gained 2.05p to expire at 15.97p. Futures contracts across the board gained over a penny given strong support from a steep rise in carbon prices and weaker sterling.