UK GAS-Prices down due to oversupply

LONDON, Nov 10 (Reuters) - British wholesale gas prices declined on Friday morning due to oversupply. * Within-day gas was down 0.80 pence at 51.00 pence per therm at 0857 GMT. * Gas for weekend delivery was 0.40 pence lower at 51.10 p/therm. * Demand is forecast at 251 million cubic metres (mcm) and flows at 270 mcm per day, leaving the system oversupplied by 19 mcm, National Grid (LSE: NG.L - news) data shows. * Flows from Norway are stable. Exports to continental Europe have decreased to 1 mcm/day. * Gas-for-power consumption is down to 64 mcm, compared to 70 mcm on Thursday. However, this is expected to increase due to upcoming lower temperatures and lower wind production. * Temperatures are expected to drop below seasonal norms over the weekend. However, the cold spell should be short-lived with temperatures climbing to the seasonal norms by next Wednesday, said Marina Tsygankova, Thomson Reuters (Dusseldorf: TOC.DU - news) gas analyst. * On the forward curve, the first quarter contract was down 0.45 pence at 54.65 p/therm. * In the Dutch gas market, the December price declined by 0.12 euro to 19.30 euros per megawatt hour. * The benchmark Dec (Shanghai: 600875.SS - news) -17 EU carbon contract was 0.12 euro lower at 7.43 euros a tonne. * Thomson Reuters analyst view: http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageid=united-kingdom-gas (Reporting by Nina Chestney)