Nov 25 (Reuters) - European and British wholesale gas prices
showed a mixed picture on Thursday morning, recovering some
earlier losses in a highly volatile market and with signs of
milder weather ahead.
* The British day-ahead gas contract was up 1.50
at
2.35 pounds per therm by 1131 GMT after trading as low as 2.30
pounds/therm earlier.
* The Dutch TTF equivalent traded 0.65 euros
higher at
94.10 euros per megawatt hour (MWh).
* The benchmark Dutch front-month contract
slipped
0.40 euros at 93.60 euros/MWh.
* There were no clear drivers with the market continuing its
volatile trend of late, a trader said.
* A rise in heating demand amid ongoing cold weather was
largely
offset by a drop in gas-for-power demand, as wind power
generation is set to rise, and higher gas flows expected from
Norway, analysts at Refinitiv said in a morning note.
* "The weather forecast indicates temperatures sliding
further
down in the coming days, but returning closer to normal next
week," they said.
* The latest EC12 weather forecast was milder for the next
week
than previous models, they added.
* Peak wind power generation in Britain will rise from 11.8
gigawatt (GW) On Thursday to 14.4 GW on Friday, out of total
metered capacity of 19.5 GW, Elexon data showed.
* Meanwhile, Russian natural gas flows to Germany through
the
Yamal-Europe pipeline via Poland were slightly weaker on
Thursday morning, data from German network operator Cascade
showed.
* In other markets, the European benchmark December 2021 EUA
contract set a fresh all-time high of 73.40 euros per
tonne in early trade and was last up 0.32 euros on the day at
73.23 euros/tonne.
* Carbon prices soared on Wednesday on news of a domestic 60
euros/tonne floor price pledge from Germany's incoming
government.
(Reporting by Nora Buli in Oslo, Editing by Susanna Twidale)
National Grid (NG.)