Dutch and British wholesale prices dipped on Wednesday morning amid stable supply and as projections that Republican Donald Trump won the U.S. presidential election dragged down oil prices.

The benchmark front-month contract at the Dutch TTF hub was down 1 euro at 39.35 euros per megawatt hour (MWh), or $12.41/mmbtu, by 0936 GMT, LSEG data showed.

The British December contract slipped 1.2 pence at 101.6 p/therm.

The British day-ahead contract fell 2.6 pence at 100 p/therm.

“TTF Prices are falling this morning, as are oil prices, while the stock markets are rising, in a context where Donald Trump seems well on his way to becoming the next president of the USA,” analysts at Engie EnergyScan said in a daily research note.

Oil prices fell as much as 2% on Wednesday as the dollar surged on projections of a Trump victory in the presidential race, and as U.S. crude stocks rose more than forecast. 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.

Britain’s peak wind power generation was forecast at 3.8 gigawatts (GW) on Wednesday, rising to 8.5 GW on Thursday, Elexon data showed.

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.
Source: Reuters (Reporting By Susanna Twidale; Editing by Varun H K)