LONDON, Feb 15 (Reuters) - British gas prices edged lower on

Friday as the market was oversupplied at the start of trading,

while demand levels slipped below seasonal norms on milder

weather and weak crude prices weighed on long-term contracts.

Gas for within-day delivery fell 1.65 pence to 67.20 pence

per therm, while day-ahead gas traded at 68.15

pence, down 0.25 pence on Thursday's closing price.

'We've been firm for a while now, it's the first time we've

seen the NBP open long in a few days so that's triggered some

selling,' said one trader at a utility.

The gas market was around 34 million cubic metres per day

(mcm/d) oversupplied with help from steady Norwegian imports and

a rise in gas received from Belgium, National Grid data showed.

At the same time demand levels were pegged at 5 percent

below seasonal averages, adding to bearish pressure on

short-term gas prices that are mainly driven by fluctuations in

consumption.

Traders said a return to colder weather was expected next

week, which may temporarily give another boost to the short-term

market, but temperature forecasts for March already showed a

milder start to the new month.

March changed hands at 66.65 pence, down 0.45 pence on the

previous session.

The outlook for liquefied natural gas (LNG) supply to

Britain remained bleak as prices in Asia moved above $20 per

million British thermal units for late March and early April

cargoes.

Only one cargo is currently scheduled to reach Britain

before the end of the month, the 258,000 cubic metre Al Samriya

from Qatar.

Britain's benchmark front-season gas price

slipped 0.25 pence to 64.20 pence as Brent crude led bearish

momentum across the energy complex.

Oil fell below $118 per barrel, heading for its first weekly

loss in five following weak euro zone data.

British power prices also traded lower following losses in

the gas market.

Day-ahead baseload power traded at the lowest level in 11

days at 48.30 pounds per megawatt-hour, down 0.90 pence from

Thursday's close.

(Reporting by Karolin Schaps; Editing by Alison Birrane)

((karolin.schaps@thomsonreuters.com)(+44)(0)(207 542

6622)(Reuters Messaging:

karolin.schaps.reuters.com@reuters.net))

((GAS

UK natural gas prices

National Grid instant flows

National Grid gas demand

North Sea gas and power maintenance

POWER

UK: baseload prices, peakload prices,

outages

FRANCE: baseload prices, peakload prices, outages, report

GERMANY: baseload prices, peakload prices, outages, report

CENTRAL EUROPE: report

SWITZERLAND: outages, reservoir levels

NORDIC: report

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Keywords: MARKETS BRITAIN GAS/POWER

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