Prices fall after US election result amid stable supply
Recasts and updates throughout after Trump election win
LONDON, Nov 6 (Reuters) -Dutch and British wholesale prices dipped on Wednesday morning after RepublicanDonald Trump won the U.S. presidential election and amid stable supply.
The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was down 1.05 euro at 39.30 euros per megawatt hour (MWh), or $12.33/mmbtu, by 1213 GMT, LSEG data showed.
The British December contract TRGBNBPMc1 fell by 3.74 pence to 99.06 p/therm and theday-ahead contract TRGBNBPD1 was down4.1 pence at 98.5 p/therm.
"The energy industry will be weighing up the various implications of the win ... the future U.S. foreign policy stance on Russia and Ukraine will also be key, given the importance of Russian pipeline gas and LNG flows to world markets," Alex Froley, LNG analyst at ICIS said on linked in.
A deal for Russian gas supplies to enter Europe via Ukraine is due to expire at the end of the year.
Russia said on Wednesday it was ready to keep supplying gas via the route but this should be agreed by Kyiv and the European countries involved.
Ukraine has said it will not renew the deal due to the ongoing conflict between the two countries after Russia invaded Ukraine in 2022.
Gas was also following oil prices lower
Oil prices fell more than 1% Wednesday as the dollar surged on the Trump victory. O/R
“Price forecasting has its difficulties today, expect volatility given so many uncertainties of a Trump presidency impacting trade, his views on the Middle East, China and Ukraine, compounded by a lot of uncertainty around oil and gas,” LSEG analyst Wayne Bryan said in a daily research note.
Fundamentals were steady, with higher demand from gas plants due to low wind power output offset by stable demand.
Total Norwegian export nominations were up 6 million cubic meters/day (mcm/d) at 333 mcm/d, LSEG data showed.
Supply of gas from Russia to Europe via Ukraine remained stable.
Russian gas producer Gazprom GAZP.MM said it would send 42.4 mcm of gas to Europe via Ukraine on Wednesday, the same volume as on Tuesday.
In the European carbon market CFI2Zc1, the benchmark contract fell 0.97 euro to 63.33 euros a metric ton.
EXPLAINER-Is it the end for Russian gas supplies to Europe via Ukraine? nL8N3JZ0H0
EXPLAINER-What happens if Russian gas transit via Ukraine stops? nL8N3JV0SH
Russia says Europe and Ukraine have to agree on gas transit deal https://www.reuters.com/business/energy/russia-says-europe-ukraine-have-agree-gas-transit-deal-2024-11-06/
Reporting By Susanna Twidale, additional reporting by Marwa Rashad; Editing by Nina Chestney
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