UK Natural Gas Prices increase above 100GBp/Thm
UNITED KINGDOM, Sept. 25 – UK natural gas futures surged beyond 110 pence a therm, approaching levels not seen in five months due to the extension of maintenance outages in Norway.
Norwegian gas system operator Gassco extended the shutdown of the Skarv field from October 2nd to October 8th, resulting in slower-than-expected Norwegian supply and limiting storage injections.
Nevertheless, weak demand in the UK and Europe, coupled with higher imports of liquefied natural gas (LNG) limit the upside.
Looking ahead, British energy firm Centrica has announced an increase in storage capacity at the UK’s largest gas storage facility to 54 billion cubic feet (bcf) to enhance resilience for the upcoming winter.
