Monday, 4 March 2013

UPDATE: UK Gas Jumps to Seven-Year High as Norway Cuts Supply

Quick update to my earlier post, prices have gone even higher, and there's more info on what's going on from Bloomberg this time:

U.K. natural gas for within-day delivery jumped to the highest level since March 2006 as Norway cut supplies following a power failure at its Ormen Lange gas field in the North Sea.
Production from Royal Dutch Shell Plc (RDSA)’s Nyhamna gas processing plant in northern Norway, which handles fuel from Ormen Lange, is reduced by 53 million cubic meters a day today and 37 million tomorrow after storms caused a failure in the national power grid, according to Gassco AS. Output was cut by 57 million yesterday and 32 million on March 2, it said.

“The timing and extent of these offshore outages has unsettled a lot of people,” Craig Lowrey, a consultant at The Utilities Exchange Ltd. in Ipswich, England, said in a telephone interview today. “It highlights the nervousness of traders that we have seen this response.”
Inventories at Rough, the U.K.’s largest gas-storage facility, were at 6,909 megawatt-hours yesterday, the lowest level for the time of year since at least 2004, National Grid Plc (NG/) data show.

Start saving for your new gas bill now...


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