UK GAS-Prices down on higher LNG supply, weakened demand

British wholesale gas prices mostly fell on Tuesday morning due to higher liquefied natural gas send-out and weaker consumption.

* The within-day contract fell by 1.60 pence to 27.50 pence per therm by 0935 GMT.

* The weekend contract was down by 1.35 pence at 27.40 p/therm.

* Higher liquefied natural gas send-out and weak demand for heating have contributed to the fall, traders said.

* The system was oversupplied by around 11 million cubic metres (mcm), with demand forecast at 263 mcm and flows at aound 274 mcm/day, National Grid data shows.

* Temperatures are forecast to dip towards normal for most of this week but a warmer January/February is more likely compared with the previous long-term forecasts, Refinitiv Eikon data shows.

* The day-ahead contract was up 0.35 pence at 28.40 p/therm.

* Day ahead gas-for-power demand is expected to be 18 mcm higher than previously forecast.

* Peak wind generation is forecast at 13.7 gigawatts (GW) on Tuesday, declining to 13.1 GW on Wednesday, Elexon data shows.

* Summer 2020 gas was down 1.00 pence at 29.45 p/therm.

* In the Dutch gas market, the day-ahead gas price at the TTF hub was 0.48 euro lower at 11.75 euros per megawatt hour.

* Benchmark Dec-20 EU carbon contract rose by 0.12 euro to 24.35 euros a tonne.
Source: Reuters (Reporting by Nina Chestney, editing by Louise Heavens)