LONDON, Oct 5 (Reuters) - Dutch and British wholesale gas prices surged to record highs in several contracts on Tuesday afternoon amid wider energy market price hikes, ongoing supply concerns, colder weather forecasts and a cut in French nuclear generation due to a strike.
* The November gas price at the Dutch TTF hub, a European benchmark, traded at a record 120.80, euros/euros per megawatt climbing more than 26% from Monday’s close.
* The British day-ahead contract was at 277.00 pence per therm, a 32% increase from Monday and a record high, surpassing the 275 p/therm high in March 2018 when a weather system, nicknamed the beast from the east, sent temperatures plunging.
* “All energy prices - coal, oil, gas, power - are up. There doesn’t seem to be any let up to the rallying,” a gas trader said.
* Another trader said he didn’t see any particular fundamental reasons for the afternoon gains other than a general panic in the market over being left short.
* The market also shrugged off news that Nord Stream 2 has started filling one of its two pipelines with natural gas for tests, according to the operator on Monday.
* Germany’s energy regulator has also asked Swiss-based Nord Stream 2 AG to provide assurances that the Nord Stream 2 pipeline meets regulatory requirements when it enters service, adding it cannot be ruled out that operations could start soon.
* Brent crude oil futures hit a three-year high on Tuesday after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude.
* Physical gas flows to Europe from Russia through the Mallnow pipeline are at 130 GWh/day, significantly lower than September, Refinitiv analysts said in a daily research note.
* In France, five nuclear reactors are operating at limited capacity due to a strike, reducing available production by 2.7 gigawatts.
* In the British power market, the day-ahead price rose 44% to 260 pounds per MWh.
* Around half of UK’s 8 GW nuclear generation capacity is offline for outages, both planned and unplanned, with some restart dates recently extended.
* The benchmark Dec-21 EU carbon contract was up 1.48 euro at 64.88 euros per tonne.
* The benchmark Dec-21 British carbon contract was up 0.40 pounds at 69.40 pounds a tonne. (Reporting By Nina Chestney and Susanna Twidale; editing by Uttaresh.V)
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