The coronavirus outbreak in China contributed to a 10 per cent fall in the Bord Gáis Energy Index in January, with the threat of the virus adding to bearish sentiment in wholesale energy markets. Oil prices fell 11 per cent on concerns that the growing threat from the virus could dampen global oil demand, while gas prices also fell 11 per cent in January as a result of soft demand and robust supply. Electricity prices fell 7 per cent and coal dropped 4 per cent. Oil prices have remained under pressure in the first week of February amid fears about the impact of the coronavirus. Oil prices have fallen by more than a fifth since the outbreak of the virus in the city of Wuhan in China.

Source: The Irish Times February 07, 2020 14:03 UTC