EUROPE GAS-Prices head lower for second day in correction move

LONDON, Nov 19 (Reuters) - European and British wholesale
gas prices shed gains on Friday for the second day in a row in
correction to the spike it saw earlier this week on Russian
supply concerns.

* The British within-day gas contract was down
3.55
pence at 2.109 pounds per therm by 1003 GMT.

* The Dutch day-ahead gas contract was down 0.89
euros
at 89.75 euros per megawatt hour.

* The benchmark Dutch front-month contract was
down
3.45 euros to 89.05 euros per megawatt hour.

* "The reaction to this week's Nord Stream 2 news was
probably a
bit overdone and the market is retracting from that this
morning," said Tamir Druz, managing director at Capra Energy
Group.

* Market sentiment is also bearish because of the arrivals
of LNG
cargoes into Europe this month, a gas trader said.

* "Our forecast indicates an 18 million cubic metres (mcm)/d
increase in UK LNG send-out with seven cargo arrivals confirmed
to UK terminals by early December and 14mcm/d higher combined
IUK and BBL net imports from the Continent next week," Refinitiv
analysts said.

* Gas prices rose earlier this week after Germany's energy
regulator suspended the approval process for Nord Stream 2, a
major new pipeline built to bring Russian gas into Europe.

* Russian natural gas flows through the Yamal-Europe
pipeline to
Germany have been steady for the past 24 hours on Friday, data
from German network operator Gascade showed.

* Traders are also watching COVID-lockdown returns across
Europe
for any potential impact on demand.

* From a fundamental perspective, the UK system was 14.8 mcm
oversupplied on Friday, National Grid data showed.

* In other markets the benchmark Dec-21 EU carbon
contract was down 0.17 euros at 69.03 euros/tonne.
(Reporting by Marwa Rashad; Editing by Susanna Twidale)

National Grid