RTRS:UK gas curve slips to 8-month low on eurozone gloom
* Mild weather this week, colder at weekend
* Gas demand falls 18.2 pct below seasonal norms
LONDON Nov 1 (Reuters) - British benchmark front-season gas, for summer 2012, slipped to an eight-month low on Tuesday as Greece's decision to hold a referendum on its bailout package took global markets by surprise and sent equities and energy prices lower.
Summer 2012 gas fell 0.40 pence day on day to 61.05 pence per therm, while winter 2012/13 touched a four-month low at 71.10 pence.
"Below seasonal normal demand is persisting, the FTSE is dumping and the LNG (liquefied natural gas) outlook is looking less bleak," said a gas market analyst at a utility.
Weak demand levels weighed on prompt prices as weather conditions remained mild.
Day-ahead gas was in line with prior-day trading at 59.25 pence, while Tuesday gas slipped more than one pence to 59.00 pence.
WEATHER Britain's Met Office said the weather is forecast to remain mild this week, but temperatures will start feeling cooler at the weekend.
"Towards mid-November (it will be) less mild than of late but daytime temperatures will still be close to or above average," the forecaster said in its latest review.
DEMAND AND SUPPLY
Gas demand was pegged 18.2 percent below seasonal norms on Tuesday at around 230 million cubic metres per day (mcm/day), National Grid data showed.
Imports from Norway via the Langeled pipeline rose early on Tuesday to around 35 (mcm/day), while input from the South Hook LNG terminal halved.
The system was around 10 mcm/day short.
TECHNICALS
Summer 2012 slipped further below its 200 exponential daily moving average (DMA), signalling continued bearish sentiment.
POWER
Spot power prices rose on Tuesday, defying bearish gas markets, as demand was expected to climb with the approach of winter increasing the need for lighting.
Day-ahead baseload power rose one pound to 47.00 pounds per megawatt-hour (MWh) on Tuesday.
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