Prices rise amid geopolitical concerns, cooler weather forecasts
LONDON, Aug 27 (Reuters) -Dutch and British wholesale gas prices rose on Tuesday on geopolitical concerns and forecasts for lower temperatures but strong storage inventories helped limit the upside.
The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was up 1.23 euro at 38.26 euros ($42.74) per megawatt hour (MWh), or 12.54 $/mmBtu, by 0906 GMT, according to LSEG data.
In the British market, the front-month contract TRGBNBPMc1 was up 3.38 pence at 92.10 pence per therm.
The market continues to closely monitor Gaza peace talks and the Ukraine-Russian conflict.
"Escalations continued to rumble both in the Middle East and on the Ukraine-Russia border in recent days, which will continue to inject some nervousness into the energy markets," consultancy Auxilione said in a morning note.
The near-term risk of a broader war in the Middle East has eased somewhat after Israel and Lebanon's Hezbollah exchanged fire without further escalation but Iran still poses a significant danger as it weighs a strike on Israel, America's top general said on Monday.
Russia launched several waves of missile and drone attacks targeting scores of Ukrainian regions and killing at least four people, Ukraine's military said early on Tuesday, a day after Moscow's biggest air attack of the war on its neighbour.
Temperatures will dip below normal in the UK and northwest Europe, over the coming days and into next week, LSEG data showed.
European gas storage levels have reached 91.60% of capacity, having hit a Nov. 1 target two months early, Gas Infrastructure Europe data showed.
"Torn between the comfortable stock levels and the risks weighing on supply, the market could consider that a stabilization around this level seems fair for the moment," analysts at Engie's EnergyScan said in a daily note.
Russian gas producer Gazprom GAZP.MM said it would send 42.4 million cubic metres (mcm) of gas to Europe via Ukraine on Tuesday, compared to 42.1 mcm on Monday.
In the European carbon market, the benchmark contract CFI2Zc1 rose 0.97 euro to 71.46 euros per metric ton.
($1 = 0.8951 euros)
Reporting by Marwa Rashad; Editing by Susan Fenton
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