CORRECTED-UK gas prices fall on healthy supply, weak economy

* NBP Summer 2012 gas at lowest since late 2010

* Falls in line with power, coal prices

LONDON, Jan 16 (Reuters) - UK gas prices fell on Monday morning as healthy supplies kept a lid on spot prices, despite cold weather, while forward prices dropped along with power and coal prices on the worsening economic outlook.

Within-day gas fell nearly one penny to 53.75 pence per therm as the gas system remained well balanced despite demand levels rising to nearly 365 million cubic metres (mcm) per day, almost 30 mcm above the seasonal norm, according to National Grid data.

Gas for delivery on Tuesday was trading around 53.30 at 1030 GMT, down over 1.5 pence since Friday afternoon.

With consumption for day-ahead forecast largely in line with today's consumption, analysts at Point Carbon said their price outlook was between 55.3 and 54.3 pence per therm.

Around 43.50 pounds per megawatt-hour (MWh), power prices for baseload (24 hours) delivery on Tuesday also remained weak for the time of year.

At forecast flows of 360 mcm for Monday, the system was only slightly short, meaning that the remaining demand would easily be covered either by imports or withdrawals from the UK's well stocked gas storage sites.

"Storage withdrawals are very strong this morning and could remain close to capacity for day-ahead," Point Carbon said.

British gas storage sites were filled to almost 86 percent on Sunday, compared with a European average of 73 percent, according to data from Gas Infrastructure Europe.

Further out on the price curve, benchmark front-season gas fell to 51.35 pence per therm, its lowest level since late November 2010, reflecting losses in the power and coal markets, which also fell to late 2010 lows.

Traders said the drops were largely a result of the worsening economic outlook in Europe following the credit downgrade of nine euro zone countries late on Friday by a major rating agency.

WEATHER

Britain's Met Office said Tuesday's temperatures would likely remain similar to those seen on Monday and during the weekend, with freezing temperatures possible in many parts of the UK.

By Wednesday, however, milder weather was expected to take over much of Britain.

TECHNICALS

Technical indicators for the UK's NBP summer 2012 gas contracts were bearish on Monday morning, with the relative strength index (RSI) hitting 30 points, implying an oversold market and opening the possibility of some technical buying.

However, the contract's moving average convergence-divergence (MACD) signal lines have converged so far on the downside and are now about to cross, implying more bearish price momentum.

At 51.35 pence per therm, the product is at its lowest value since November 2010.