The European benchmark gas price rebounded slightly on Tuesday morning after hitting its lowest levels in over six months on Monday and despite mild weather, high storage levels and low demand continuing to weigh on the market.

The benchmark Dutch TTF front-month contract was up 0.22 at 26.00 euros per megawatt hour (MWh) at 0913 GMT, LSEG data showed.

On Monday, the contract briefly fell to 25.63 euros/MWh, its lowest level since July.

The British front-month was up 0.60 pence at 63.25 pence per therm.

"Benchmark futures are now down more than 20% since the start of the year, with further losses expected after forecasts indicate temperatures are likely (to) be above seasonal norms across Europe throughout February," Daniel Hynes, senior commodity strategist at ANZ, said in a note.

High inventories, subdued demand, mild weather and unexpectedly high renewable energy generation have curbed the risk of gas shortages, he added.

Europe's gas storages are currently 67.1% full, back in line with levels seen in 2020 and 2023 after trailing them earlier this year, the latest data from Gas Infrastructure Europe showed.

"The fundamentals are more bearish than yesterday, but prices could take a break from falling," LSEG analyst Ulrich Weber said in his morning report, adding five or more down days in a row were rare.

Still, the temperature forecast for the next two weeks was significantly warmer and gas consumption should fall on all workdays this week, he added.

Supply seemingly adjusted to the lower demand outlook as Norwegian production lagged levels seen in December and January despite no active maintenance outages, Weber said.

Nominations of Norwegian gas to Europe stood at 345.6 million cubic metres (mcm) per day on Tuesday morning, compared with levels of above 350 mcm/day seen earlier this year, Gassco data showed.

Further in, the Dutch day-ahead contract inched up by 0.13 euros to 26.23 euros/MWh.

The British equivalent gained 0.90p to 63.50p/therm.

In the European carbon market, the benchmark contract fell 0.47 euros to 56.42 euros a metric ton, setting a new near two-year low. (Reporting by Nora Buli in Oslo, editing by Ed Osmond)