Dec 8 (Reuters) - British wholesale gas prices on Wednesday
were slightly higher, after losses in earlier trade, even though
there was an oversupplied system and forecasts of milder
weather.
* The day-ahead contract inched up by 0.03 pence
at
41.38 p/therm by 1025 GMT.
* "We are today in the coldest day of the period but the gas
market seems relaxed," said a trader.
* Gas-for-power consumption in the UK is forecast 8 million
cubic
metres (mcm) higher for day-ahead.
* Peak wind generation is seen at 6.2 gigawatts (GW) on
Tuesday
and 9.9 GW on Wednesday, out of total metered capacity of around
18 GW, Elexon data shows.
* The British system was oversupplied by almost 24 mcm, with
supply at nearly 375 mcm/day and demand at 347 mcm/day,
according to forecast data from National Grid.
* The oversupply stemmed from strong send-out of liquefied
natural
gas (LNG), nominated at 99 mcm/day and up 10 mcm from Monday,
analysts at Refinitiv said in their morning report.
* Local distribution zone demand, which mostly mirrors
demand for
heating, was also forecast 14 mcm/day lower for Wednesday,
according to Refinitiv data.
* Latest weather forecasts indicated warmer weather and
above
normal temperatures in the UK from next week until the end of
December, Refinitiv analysts said.
* "This may bring another bearish driver to the market,"
they
added.
* The January contract was up 0.27 pence at
41.92
p/therm.
* The January gas price at the Dutch TTF hub
rose
0.32 euro to 14.50 per megawatt hour.
* The benchmark Dec-20 EU carbon contract was up
0.23
euro at 29.85 euros per tonne.
(Reporting by Nora Buli in Oslo; Editing by Nina Chestney)