London (Platts)--8Nov2012/811 am EST/1311 GMT

The same-day gas price fell Thursday morning on the UK's NBP trading hub on softer demand, while later dated contracts recovered from a weaker opening.

The within-day contract was valued at 64.50 pence/therm at midday in London, down by 0.65 p/th from Wednesday's close as National Grid forecast demand for the day at 241 million cubic meters, 14 million cu m below the norm.

Temperatures were above average in parts of the UK Thursday, with Glasgow and Manchester each 2 degrees Celsius above, CustomWeather said, lessening the need for gas fired heating.

Later dated contracts began the morning lower but recovered lost ground in trade up to noon in what market players described as a technical bounce.

Day-ahead gas was valued at 64.45 p/th, down from Wednesday's close by 0.20 p/th.

December gas hit a low of 65.20 p/th in the morning but pushed into positive territory by midday, up day-on-day by 0.10 p/th, at 65.60 p/th. "Oil rebounding after such heavy losses yesterday also helped," a market analyst said.

Q1, 13 gas had similar movements, reaching 66.35 p/th, up by 0.25 p/th from the previous session.

Crude futures were around 80 cents higher in midday European trading, rebounding following Wednesday's more than $4/b selloff in what has been a highly volatile week for prices surrounding the US election.

At 1217 GMT, December ICE Brent traded 78 cents higher at $107.60/b. The Summer 13 gas contract was up by 0.05 p/th at 61.75 p/th and Winter 13 was down by 0.10 p/th at 70.20 p/th.

Summer 13 was unchanged at 62.60 p/th.