• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 8 mins Oil prices going down
  • 10 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours Two Koreas Agree To March Together At Asian Games
  • 1 hour When will oil demand start declining due to EVs?
  • 9 hours Oil and Trade War
  • 1 hour Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 2 hours Sell out now or hold on?
  • 34 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 10 mins What If Canada Had Wind and Not Oilsands?
  • 2 mins Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 57 mins venezuala oil crisis
  • 5 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 10 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 14 hours Australia mulls LNG import
  • 2 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 7 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
The Fed Is Driving Down Oil Prices

The Fed Is Driving Down Oil Prices

The hawkish U.S. Federal Reserve…

The UK was 6 Hours from Running Out of Natural Gas in March

The Crown Estate, the organisation in charge of managing the Queen’s property portfolio, including vast caverns under the sea bed used to store natural gas, stated that the UK’s gas reserves ran dangerously low during March.

Following an exceptionally cold winter the reserves of natural gas held in storage were already at a low level, but this was exacerbated by problems at a processing plant in Norway meant that gas supplied to Britain via the Langeled pipeline fell drastically during March, as did other supplies from Belgium.

At the time reports claimed that Britain was two days from running out of stored gas, but the Crown Estate has now admitted that things were far tighter.

Related Article: US Natural Gas Exports, Slowly but Surely

Rob Hastings, the director for energy and infrastructure at the Crown Estate, told the Financial Times that, “we really only had six hours' worth of gas left in storage as a buffer.

If it had run any lower it would have meant ... interruptions to supply.

The bottom line is that in the UK we are in a place where the gas supply is dangerously low.”

Offgem, the UK energy watchdog, said that Britain’s history as a natural gas producer means that it has far lower storage capacity than other European countries, and whilst it is working to increase the volume of storage available it still lags far behind and relies heavily on constant imports.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News