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UK GAS-Prices fall on rising LNG supply, weak demand

* Gas system oversupplied by 3 mcm

* More LNG supplies expected in February

Feb 1 (Reuters) - British wholesale gas prices fell on Monday on an expected increase in supplies of liquefied natural gas (LNG) and lower than usual demand.

Gas for immediate delivery fell 1 pence, or 3.25 percent, to 29.80 pence per therm by 0930 GMT, while the day-ahead contract lost 0.55 pence, or 1.8 percent, to 30.00 pence/therm.

Britain's gas system was oversupplied by 3 million cubic metres (mcm), with demand forecast at 266 mcm and supply at 269 mcm, according to National Grid (LSE: NG.L - news) data.

The demand was 7 percent below the seasonal norm of 287 mcm due to warmer than normal weather and strong winds, boosting output from wind power parks as storm Henry was approaching northern Scotland.

However, the was an increasing likelihood that mid-February will turn colder and more settled for a time, bringing some bright and crisp days with cold and frosty nights, it added.

Supply from LNG terminals was nominated at 44 mcm/d, including 40 mcm/day from South Hook, higher than on Friday, and more than the January average.

"The increase in nominations today, the first day of February, can indicate a higher sendout level through the entire month," said Marina Tsygankova, a gas market analyst at Thomson Reuters.

To support the average rate of 40 mcm/day, the South Hook terminal will need to receive nine cargoes in February compared with five cargoes in January, she added.

One tanker docked at the terminal on Jan. 30, and so far two new cargoes were confirmed.

Norwegian gas flows to Britain fell 7 mcm from Friday as Norway piped more gas to Germany.

Gas flows from the North Morecambe gas-subterminal eased by 2.4 mcm/day due to an unplanned outage, its operator Centrica (Amsterdam: CC8.AS - news) said.

Further along the curve, gas for March fell 1.0 pence, or 3.2 percent, to 29.85 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub remained unchanged at 13.00 euro/MWh.

European benchmark carbon allowances fell by 5 percent to 5.76 euros a tonne, later recovering to 5.85 euros a tonne.

Carbon prices fell by 27 percent in January as lower gas prices meant it became more attractive to use gas compared to coal for power generation, and hence lower demand for carbon emissions, London-based consultancy Energy Aspects said in a note. (Reporting by Nerijus Adomaitis in Oslo, editing by Louise Heavens)