Dutch and British wholesale prices traded higher on Monday morning, supported by colder weather forecasts.

The benchmark front-month contract at the Dutch TTF hub rose by 1.00 euro to 43.15 euros per megawatt hour (MWh), or $13.51/mmbtu, by 0921 GMT, LSEG data showed.

The British front-month TRGBNBPMc1 was up by 1.50 pence at 109.00 pence per therm, while the day-ahead contract TRGBNBPD1 was up 3.00 pence at 109.15 pence per therm.

“Temperature runs (this morning) moving even lower is the main reason today (for the rise),” a trader said.

Wind power generation was also set to drop, but the price move higher still looked over-done, the trader added.

For UK contracts, 109.00 p/therm marked a technical top, offering some resistance, he said.

Local distribution zone (LDZ) demand for Britain was forecast to rise by 18 million cubic metres (mcm) per day for the day-ahead contract, and by 52 mcm/day for working days next week, LSEG analyst Timothy Crump wrote in a morning note.

With colder weather and rising demand, there are also steady withdrawals from gas storage.

European sites were last 93.58% full, down 0.20 points day- on-day, data from Gas Infrastructure Europe (GIE) showed.

Still, flows of pipeline gas to Europe and Britain are marginally up on Monday.

Nominations of Norwegian gas flows to Europe and Britain stood at 346 million cubic metres (mcm) on Monday morning, their highest since Aug. 5, data by infrastructure operator Gassco showed.

Russian producer Gazprom GAZP.MM saying it would send 42.3 mcm of gas to Europe via Ukraine on Monday, compared with 42.2 mcm on Friday.

European imports of liquefied natural gas rose 17% month-on-month, likely driven by pre-winter restocking, Kaushal Ramesh, a vice president at Rystad Energy said in a note.

In the European carbon market CFI2Zc1, the benchmark contract rose by 0.17 euro to 68.24 euros a metric ton.
Source: Reuters (Reporting by Nora Buli in Oslo; editing by Nina Chestney)