China has devalued its currency, the Yuan, therefore meaning that the cost for imported crude oil for China has increased. Due to China being one of the world’s largest energy consumers it will affect prices across the global energy market.
There are still economic concerns around Greece which is further adding to the weak price of crude oil, moreover, gas and electricity prices in the UK have picked up again after having reached their annual lows recently.
Maintenance work on the North Stream gas pipeline (runs from Russia to Germany) has allowed the UK to increase its exports to Europe. Finally, another reason for slightly increasing prices in the power market are carbon prices, which have reached a two and a half year high resulting in increasing fossil fuel prices.
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