UK natural gas contracts fell 59 per cent yesterday because of low seasonal demand and excess flows of liquefied gas. Wholesale gas for same-day delivery dropped to 9 pence a therm. Demand in the 24 hours up to 6 a.m.today was 173 million cubic meters, about 37 million below normal for this time of year due to the recession and warm weather.
LNG cargoes are arriving at Britain’s new import terminals from Qatar, Oman and Nigeria, and gas supplies from Norway through the Langeled pipeline are supplementing flows from the North Sea. It also didn't help that the reversible gas interconnector from Bacton to Zeebrugge was switched into reverse flow, bringing gas from Belgium to Britain rather than exporting it to Belgium.
Running out of gas? Not this week.