OREANDA-NEWS. February 10, 2015. Prompt natural gas prices edged lower on Monday on forecasts for warmer weather, despite higher than usual demand and an undersupplied system.

Prices for within-day delivery were trading at 48.25 pence per therm at 1020 GMT, down 0.30 pence since their last settlement. Prices for delivery on Tuesday were down 0.80 at 48.25 pence per therm.

"The cold spell we saw last week is over and consumption is forecast strongly down for (within-day) compared with Friday," analysts at Thomson Reuters Point Carbon said in a daily research note.

Britain's Met Office forecast temperatures could reach 10 degrees on Monday, up on the seasonal avearage for February of around 7 degrees and freezing temperatures across the country last week.

With supply flows at about 309.4 million cubic metres (mcm) per day on Monday and demand expected to be about 324.5 mcm, the system was 15.1 mcm undersupplied, National Grid data showed.

Monday's demand was around 11 percent above the seasonal norm of 292 mcm, the data showed.

Further along the curve, gas for March delivery was 0.85 pence higher at 46.75 pence per therm and the Summer 15 contract was down 0.7 pence at 44.05 pence per therm.

In the Netherlands, the day-ahead gas price at the TTF hub was 0.05 euros higher at 21.15 euros per megawatt-hour (MWh).

In Europe's carbon market, benchmark EU Allowances (EUA) edged down 0.11 euros to 6.91 euros per tonne.