British wholesale gas prices extended their losses from last week, as mild weather for the remainder of January curbed demand and also impacted prices further out on the curve.
* The within-day contract was down 4 pence at 55 p/therm by 0815 GMT.
* The day-ahead contract was down 3 pence at 54.75 p/therm.
* The British gas system opened heavily over-supplied at 28 million cubic metres (mcm) day, and was last still 18.5 mcm/day long, with supply of 333.6 mcm outstripping demand of 315.1 mcm, according to National Grid data.
* In their morning report, Refinitiv analysts attributed the oversupply to softer demand for heating and power generation amid mild and windier weather.
* Sendout of liquefied natural gas was also around 6 mcm higher at 23 mcm/day, with two cargoes expected to arrive by the end of next week, they added.
* Wind power adjusted higher and was generating at 11 gigawatt (GW), around 37% of British power in early trade, according to Refinitiv.
* Peak wind generation will drop to 8.5 GW on Tuesday, according to Elexon data.
* The key price drivers were milder weather forecast for January and also Asia, easing market tightness and potentially bringing more LNG into Europe, a gas-market analyst said.
* The next two weeks would see a rather unsettled and mild pattern dominating in Europe, Refinitiv meteorologist Georg Mueller said.
* Gas prices in Europe and Asia briefly rose to multi-year highs as cold weather led to increased competition to attract LNG cargoes.
* The UK February contract was down 3.65 pence at 55.75 p/therm.
* The front-month on Dutch gas hub TTF was down 0.82 euro at 19.20 euros per megawatt hour.
* The benchmark Dec-21 EU carbon contract was down 0.102 euro at 31.72 euros per tonne.
(Reporting by Nora Buli in Oslo; Editing by Rashmi Aich) ((Nora.Buli@thomsonreuters.com; (+47) 21 04 05 56; Reuters Messaging: nora.buli.thomsonreuters.com@reuters.net))
