UK GAS-Prices fall on oversupply

LONDON, March 16 (Reuters) - British wholesale gas prices
fell on Tuesday morning as strong liquefied natural gas (LNG)
send-out from terminals buoyed supply.

* The day-ahead contract was down by 0.80 pence
at
44.10 pence per therm by 0952 GMT.

* The April contract was 1.21 pence lower at
44.15
p/therm.

* Traders said liquefied natural gas send-out remains
strong,
which was bearish for prices.

* The system is over-supplied by around 20 million cubic
metres
(mcm), with demand forecast at 248 mcm and flows at 268 mcm/day,
National Grid data showed.

* This is despite a drop in Norwegian gas exports due to
several
maintenance outages.

* On the demand side, wind output is expected to fall
slightly
tomorrow.

* Peak wind generation is forecast at 11.2 gigawatts (GW) on
Tuesday and 10.1 GW on Wednesday, Elexon data showed.

* In the Dutch gas market, the April contract
at the
TTF hub was 0.27 euro lower at 17.58 euros per megawatt hour.

* "There is colder weather ahead, supporting a further
increase in
consumption which means the downside potenial is muted," said
Wayne Bryan, gas analyst at Refinitiv.

* The benchmark Dec-21 EU carbon contract was down
0.26
euro at 42.13 euros a tonne.
(Reporting by Nina Chestney)

National Grid