UK GAS-Oversupply keeps prices under pressure

LONDON, May 16 (Reuters) - British wholesale gas prices fell in an oversupplied market early on Thursday, with only day-ahead edging up on approaching maintenance.

* Day-ahead gas price up 0.05 pence at 31.65 p/therm by 0905 GMT.

* Within-day gas fell 1.10 pence to 31.00 p/therm.

* UK gas system was oversupplied but the start of maintenance on fields supplying gas into the St Fergus gas plant on Friday, which will reduce UK domestic gas production, supported the day-ahead in early trading.

* Expectations of stronger gas demand on Friday also supported the day-ahead price.

* The gas consumption forecast for Friday was raised by 10 mcm from earlier predictions, according to Refintiv Eikon data.

* On Thursday, the gas system was oversupplied by 13.2 million cubic metres (mcm) with demand forecast at 185.6 mcm and flows at 198.38 mcm/day, National Grid data showed.

* Wind generation is forecast at 6.5 Gigawatts (GW) out of the 12 GW capacity, declining to around 5 GW on Friday, Elexon data showed.

* Further out on the curve prices slipped.

* June contract was down 0.55 p at 31.75 p/therm.

* Day-ahead gas price at the Dutch TTF hub was down 0.25 euro at 13.75 euros per megawatt hour on lower gas demand in continental Europe.

* German wind production is forecast to be above seasonal norms until Friday before dropping to below normal during the weekend and half of next week, meaning gas for power demand may be lower for the rest of the week, a Refinitiv research note said.

* Benchmark Dec-19 EU carbon contract down 0.06 euros at 25.91 per tonne. (Reporting by Ekaterina Kravtsova. Editing by Jane Merriman)