UK gas supplies above 4.7 Bcm for first time this yearsPosted by Klemmensen Pittman on January 13th, 2021 UK natural gas in storage rose over 4.7 billion cubic meters for the first time this years, information from the National Grid revealed Tuesday.The amount of gas in storage in the UK reached 4.701 Bcm Monday, 95.6% of the total ability of 4.919 Bcm, with current gas stocks 1.033 Bcm over that of the same time last year and also and 0.319 Bcm above the 2012 degree. additives for paints and coatings and also just long-range storage facility, Easington Rough, has 3.6 Bcm in supply, with brief and also medium-range storage space facilities holding 1.1 Bcm. As well as the amount of gas in storage space could better rise before the high-demand winter season period begins. Historically, UK gas supplies go to their annual optimum in late October as well as very early November, suggesting there are two months before the begin of the conventional withdrawal period. According to the National Grid, there is 0.218 Bcm of available capability in UK gas storage centers which might be loaded a small injection price of 3 million cubic meters/day prior to the withdrawal duration is due to begin. LARGE OVERHANG FROM WINTERTIME The high storage levels have actually been achieved despite the fact that gas injection prices have been the second-lowest so far throughout a summer season duration considering that 2010, with an average of 16 million cu m/d having been taken into storage space because April 1, well listed below the approximately 24 million cu m/d shot price for the very same period in 2013. Gas supplies on April 1, stood at 2.471 Bcm, 2.177 Bcm over the year-ago duration after a mild winter season led to lighter gas need, allowing storage space centers to keep gas as well as begin the summer season period with supplies at 49.4% of ability. This was dramatically various to the previous wintertime, when listed below- average temperatures, incorporated with Norwegian gas manufacturing problems at the large Troll gas area, resulted in heavy storage withdrawals, with supply degrees below 6% of capability at the beginning of April 2013. The high storage space overhang has been a significant factor to NBP day-ahead gas rates being substantially lower this summer season than last. Day-ahead gas rates have actually averaged 42.35 pence/therm thus far considering that April 1, down more than 35% from the very same duration in 2015 when day-ahead prices averaged 65.49 p/th according to Platts price information. Like it? Share it! More by this author |