May 18 (Reuters) - British wholesale gas prices corrected
lower for a second day on Tuesday morning following a recent
rally, amid a balanced system and weaker carbon prices.
* The British day-ahead contract was down 1.10
pence
at 66.50 pence per therm by 0855 GMT.
* The within-day contract fell by 1.35 pence to
67.00
p/therm.
* There has been selling in a correction from recent
over-bought
territory, a trader said.
* "Fundamentally, things look slightly better than last week
with
Norwegian flows higher then expected during maintenance (and)
also good injections in eastern Europe," he added.
* The British system was roughly balanced, with demand
forecast at
210 mcm and supply at 211 mcm/day, National Grid data showed.
* Supplies from Norway via the Langeled pipeline were down 6
million cubic metres (mcm) on Tuesday as flows re-routed to the
Continent, analysts at Refinitiv said.
* Temperatures were still forecast to remain unseasonably
cold
until the end of May, while UK gas demand was flat day-on- day,
they added.
* Peak wind generation is forecast to remain muted at 2
gigawatts
(GW) on Tuesday and 2.1 GW on Wednesday, out of total metered
capacity of nearly 20 GW, Elexon data showed.
* The June contract was 0.85 pence lower at
65.75
p/therm.
* In the Dutch gas market, the June price at the TTF hub
was flat at 25.60 euros per megawatt hour.
* Carbon remained a factor for the market, analysts at
Energi
Danmark said in a note.
* "We expect the market to continue downwards today," they
added.
* The benchmark Dec-21 EU carbon contract was 0.58
euro
lower at 55.76 euros a tonne.
(Reporting by Nora Buli in Oslo; editing by Nina Chestney)