UK GAS-Prices mostly fall on weaker demand, stronger supply

LONDON, July 12 (Reuters) - British wholesale gas prices
mostly fell on Monday morning as a dip in demand coincided with
an increase in UK continental shelf (UKCS) supply, leaving the
market oversupplied.

* The within-day contract was down 1.90 pence
at
89.50 p/therm by 0909 GMT.

* The day-ahead contract was down 2.65 p at
88.50
p/therm.

* Analysts at Refinitiv forecast gas UKCS supply at 107
million
cubic metres (mcm), up from 84 mcm the previous day, with an end
to some maintenance boosting supply.

* Britain’s gas system was oversupplied with demand forecast
at
144 mcm and flows at 151.9 mcm/day, National Grid data showed.

* Prices however remain historically high for this time of
year,
partly due to low stock levels, and traders warned planned
maintenance on the Nord Stream, Russian gas pipeline starting on
Tuesday could lead to more volatility.

* "The impact of Nord Stream maintenance, which is scheduled
to
start tomorrow should be already priced in, however it will slow
injections into weak (storage) inventories which is a bullish
risk," analysts at Refinitiv said in a daily research note.

* The pipeline is scheduled to close for annual maintenance
from
July 13 until July 23.

* The August British gas contract rose 0.30 p
to
88.50 p/therm.

* The day-ahead gas price at the Dutch TTF hub
was
down 1.34 euro at 35.51 per megawatt hour.

* The benchmark Dec-21 EU carbon contract was down
1.51
euro at 52.77 euros per tonne.

* The benchmark Dec-21 British carbon contract was
yet
to trade.
(Reporting By Susanna Twidale; Editing by Emelia
Sithole-Matarise)