Prices jump to record highs on Russian supply fears

March 4 (Reuters) - British and Dutch gas prices soared on Friday, with some contracts hitting all-time highs, as market participants continued to fear disruptions to Russian gas supplies to Europe in light of the war in Ukraine.

The British day-ahead gas price rose by 104 pence to 454 pence per therm by 1352 GMT, just shy of its all-time high of 464 p/therm hit on Dec. 21.

The Dutch day-ahead contract was up 41.85 euros at a record 196.35 euros per megawatt hour (MWh.

Further out, the British April contract hit a record high of 455.04 p/therm, gaining 105.04 pence in a single session.

The Dutch front-month contract rose by 47 euros to 195 euros/MWh, just shy of its 199 euros/MWh record high seen on Thursday.

The volatile and uncertain geopolitical landscape continues to drive prices, Refinitiv analyst Wayne Bryan said.

Russian invasion forces seized the Zaporizhzhia nuclear power plant, Europe's biggest, in heavy fighting on Friday.

"The nuclear attack for sure raised risk premiums and people will be no doubt covering positions with the potential for further escalation over the weekend," he told Reuters.

Market participants now await the next political decisions, said Andy Sommer, head of fundamental analysis & modelling at Axpo Solutions.

Questions being asked included whether energy flows from Russia would cease completely, how Asian importers of Russian commodities would react and how Europe will replace Russian coal, gas and oil in the short term, he added.

Meanwhile, an export ban by the Ukrainian government of gas held in the country, including stored gas usually held by Western Europe operators, was not impacting transit flows of Russian gas, analysts at Engie EnergyScan said in a note.

Transit gas flows at the Slovakia-Ukraine border point of Velke Kapusany stood at a strong 882 gigawatt hours per day on Friday, while Russian flows to Europe are estimated 129 GWh/d up week on week as long-term contract holders have been nominating more gas since the spot prices jumped, according to analysis from Refinitiv.

Energy supplies originating from Russia were still being delivered to Britain on Friday after some dock workers at a terminal in southeast England sought to block a cargo in solidarity with Ukraine, ship-tracking data showed.

"Despite the lack of direct sanctions on Russian oil and gas, it becomes more and more difficult to sell anything with a Russian label on it," one analyst told Reuters.

Asian spot liquefied natural gas (LNG) prices rose this week as buyers shunned Russian gas and LNG.

In carbon markets, the European Union benchmark carbon price was up 0.22 euros at 67.57 euros a tonne.