RTRS:UK gas falls on lower gas demand, fresh LNG deliveries
* Shagra, Al Mayeda LNG ships due in UK 11/12 Nov.
* Stable Norway, NL imports leave system oversupplied
* Recent losses could lead to price bounce - traders
LONDON, Nov 5 (Reuters) - British prompt gas prices eased on Monday as weather conditions were milder than expected, weighing on gas demand, and the announcement of two liquefied natural gas (LNG) deliveries to the UK improved the near-term gas supply outlook.
Gas for day-ahead delivery slipped 0.65 pence to 64.30 pence and Monday gas fell one pound to 64.00 pence.
"A few more (LNG) cargoes have been confirmed. But I think the downward move this morning is mainly due to the warming forecast as the LNG was partially expected, with loadings being seen in Qatar," said one UK-based gas trader at a bank.
UK temperatures were around 2 degrees Celcius below seasonal norms on Monday, National Grid data showed, but traders had expected levels to fall even further, meaning that demand for gas in heating systems was lower than initially forecast for Monday.
Grid operator data showed UK gas demand was pegged around 10 percent below levels usually seen at this time of the year.
The scheduled arrival of the 266,000 cubic metre Shagra and Al Mayeda LNG tankers on Nov. 11 and 12 respectively confirmed forecasts for higher imports of the super-cooled fuel this month.
By Oct. 23, Britain's LNG supply was 80 percent below levels seen in October 2011, after maintenance in Qatar, Britain's dominant LNG supplier, curtailed production.
Monday's pipeline gas supply picture was strong with stable imports from Norway via the Langeled link and fom the Netherlands, which added up to nearly 100 million cubic metres per day (mcm/d) and left the system oversupplied, National Grid data showed.
Further out, the benchmark front-season contract traded at a three-week low of 60.70 pence on Monday, dragged down by the bearish prompt and oil market, where all eyes were set on predictions for the outcome of Tuesday's presidential election in the U.S.
Summer 2013 gas was down 0.55 pence on Friday's closing price, while winter 2013 traded 0.50 pence lower at 69.00 pence.
Traders said prices could see a rebound after recent drops were caused by profit taking and a minor swing in temperatures could trigger some panic buying.
"I think a lot of people were short and are now taking their profit. We went down pretty quickly. Some consolidation is not excluded," said a gas trader at a large trading house.
In Britain's over-the-counter power market, prices eased from Friday's levels which had been boosted by a failed reactor restart and a second reactor outage.
Day-ahead baseload power traded at 49.22 pounds per megawatt-hour (MWh), down around 3 pounds from the previous session. (Reporting by Karolin Schaps; Editing by Alison Birrane)
