Prices rise on colder weather, wind; eyes on Trump
LONDON, Nov 7 (Reuters) -Dutch and British wholesale prices rose on Thursday morning on colder weather forecasts and low wind, but uncecertainty remains about the impact of U.S. Donald Trump Presidency's on the global gas market.
The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 inched up 0.28 euro to 41.00 euros per megawatt hour (MWh), or $12.92/mmbtu, by 0941 GMT, LSEG data showed.
The British December contract TRGBNBPMc1 rose by 1.98 pence to 103.5 p/therm, while the day-ahead contract TRGBNBPD1 was up 0.70 pence at 103.1 p/therm.
Temperature forecasts for next week have been revised downwards, just below seasonal normal levels. Gas storage is now well into withdrawal mode after holding just above 95% for a while, consultancy Auxilione said in a daily note.
Low wind speeds are also supporting prices on the day- ahead due to higher gas demand for power generation.
The market dropped on Wednesday after Republican Donald Trump won the U.S. presidential election as traders tried to assess the impact of his foreign policy on global gas markets.
Trump has vowed to end Biden administration's pause on new LNG exports, which would give better chances on new supply after 2027, said Klaas Dozeman, market analyst at Brainchild Commodity Intelligence.
On the other hand, people will be looking at his policies on China and Russia.
"The likely impacts of Trump's return to U.S. presidency are hard to assess. The market seems to consider it more prudent to adopt a wait-and-see position, waiting to see how things will evolve," analysts at Engie's EnergyScan said in a daily research note.
Supply of gas from Russia to Europe via Ukraine remained stable.
Russian gas producer Gazprom GAZP.MM said it would send 42.4 million cubic metres (mcm) of gas to Europe via Ukraine on Thursday, same volume as on Wednesday.
In the European carbon market CFI2Zc1, the benchmark contract rose 1.58 euro to 65.34 euros a metric ton.
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Reporting By Marwa Rashad; Editing by Nina Chestney
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