EUROPE GAS-Prices fall from highs on supply expectations

Dec 15 (Reuters) - European and British wholesale gas prices
fell from the previous day's record highs on Wednesday,
pressured by an higher Russian supplies and a flat demand
outlook.

* The Dutch day-ahead contract on the TTF hub
was down
4.15 euros at 123.05 euros per megawatt hour (MWh) by 1058 GMT
after settling at a record high on Tuesday.

* The British gas contract for day-ahead delivery
was
down 8.50 pence at 3.09 pounds per therm.

* A stable demand outlook for the remainder of this month
and
higher Russian gas flows were bearish factors, Refinitiv
analysts said.

* Russian natural gas deliveries to Germany through the
Yamal-Europe pipeline climbed above an hourly volume of
12,000,000 kilowatt hours (kWh) for the first time since Nov.
21, data from German network operator Gascade showed.

* Wider sentiment remained bullish, however, with
temperatures set
to fall below seasonal norms from next week, Refinitiv added.

* The European benchmark front-month TTF contract
was
down 3.40 euros at 124.50 euros/MWh and off an intraday high of
132 euros/MWh.

* On Tuesday it reached its highest ever close at 127.90
euros/MWh, pushing European prices above those in Asia - a key
competitor for attracting liquid natural gas (LNG) cargoes.

* European prices continued to rally on concerns over the
start of
Russia's Nord Stream 2 pipeline to Germany and growing tensions
in Ukraine, while Asian prices weakened because storage at
terminals was close to full, Tom Marzec-Manser, head of gas
analytics at ICIS, told Reuters.

* "There is now an opportunity for Europe to draw in spot
cargoes.
This premium may need to be maintained for the coming weeks and
months to continue to secure additional supplies," Marzec-Manser
said.

* The European benchmark December 2021 emission allowance
(EUA)
contract was up by 0.77 euros at 80.26 euros a tonne.
(Reporting by Nora Buli
Editing by David Goodman)