Feb 22 (Reuters) - The British day-ahead wholesale gas price
fell on Monday morning as milder weather forecasts weighed on
demand and due to a steady stream of liquefied natural gas (LNG)
arrivals.
* The day-ahead contract was down 2.45 pence at
40.40
p/therm by 1012 GMT.
* The March < TRGBNBPMH1> contract was down 1.54 p at 40.45
p/therm, with both contracts hitting their lowest levels since
early December.
* Prices fell due to mild weather and low demand which would
extend into March, traders said.
* The British gas system was over-supplied, with demand
forecast
at 251.3 million cubic metres (mcm) and supply at 257.6 mcm/day,
National Grid data showed.
* Import flows from the continent via the IUK and BBL
interconnectors rose to 10 mcm/day and 18mcm/day respectively on
Monday morning, from 5 mcm/day on Friday, analysts at Refinitiv
said.
* Gas-for-power consumption would drop sharply on the
day-ahead,
they added, cutting their forecast by 31 mcm to 30 mcm/day for
Tuesday.
* Peak wind generation is forecast at 6.9 gigawatts (GW) on
Monday, rising to 14.6 GW on Tuesday, out of total metered
capacity of around 18 GW, Elexon data showed.
* Anther bearish factor was the resumption of LNG exports
from the
United States after freezing weather halted operations last
week, with several tankers headed to Europe, traders said.
* The March gas price at the Dutch TTF hub was
down
0.50 euro at 15.95 per megawatt hour, a fresh two-month low.
* The benchmark Dec-21 EU carbon contract was down
0.32
euro at 37.08 euros per tonne.
(Reporting by Nora Buli in Oslo; editing by Nina Chestney)