LONDON: British wholesale gas prices were mostly lower on Monday morning as strong supply and forecasts for high wind power output left the system oversupplied.
* Day-ahead gas price down 0.20 pence at 58.00 pence per therm by 0939 GMT.
* Within-day gas price down 0.50 p at 58.00 p/therm,
* "The system is very well-supplied today," a gas trader said.
* Gas system oversupplied by 32.8 million cubic metres (mcm) with demand forecast at 293.5 mcm and flows at 326.3 mcm/day, National Grid data showed.
* "(UK Continental Shelf) domestic production is estimated considerably high today at 118 mcm/day with strong receipts at all landing points and no outages," analysts at Refinitiv said in a daily research note.
* Demand for gas from power stations is also curbed by high output from the country's wind farms, despite several of the country's nuclear plants being offline.
* Peak wind power generation is forecast at 9 gigawatts (GW) on Monday, climbing to 10.2 GW on Tuesday, National Grid data showed.
* Six of Britain's fifteen nuclear reactors are currently offline.
* Britain's Met Office said the highest risk of any severe winter weather is from late January to February.
* "During the last week of January and into early February, there is an increased likelihood of cold weather becoming established across all of the UK," the Met Office said in an update on its website on Friday.
* Further out on the curve prices fell, as weaker oil prices weighed on the market, traders said.
* February contract down 0.40 p at 60.90 p/therm.
* Winter 2019 contract down 0.50 p at 61.60 p/therm
* Day-ahead gas price at the Dutch TTF hub up 0.17 euro at 21.55 euros per megawatt hour.
* Benchmark Dec-19 EU carbon contract down 0.57 euro at 22.16 euros per tonne.
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