Ruh-ro - UK stores of Natural Gas running out

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From Bloomberg:
U.K. Natural Gas Stores May Empty in Two Weeks
U.K. stores of natural gas, pushed to record lows by a dearth of tanker imports, will be exhausted in about two weeks unless temperatures rise, reducing demand for the heating fuel.

Inventories at Rough, the U.K.�s largest gas-storage facility, are at the lowest level on record for the time of year. There were 6,490 gigawatt-hours of gas in storage yesterday, which will be depleted in 15 days if the average rate of withdrawal over the past two weeks continues, according to National Grid Plc (NG/) data.

U.K. gas prices, a benchmark for Europe�s 800 billion-euro ($1 trillion) market, are susceptible to sudden moves after imports of liquefied natural gas slumped by 53 percent in the five months through February from a year earlier, according to data compiled by Bloomberg. Gas for same-day delivery jumped 64 percent to a seven-year high of 115 pence a therm yesterday as unplanned maintenance cut supplies from Norway.
So energy prices will skyrocket (where have we heard that before) and the poor people will suffer because they are the least able to afford to pay for heating. This is all because of some stupid political claim of Global Warming and the even more stupid push for green energy as opposed to developing nuclear and traditional energy sources. The sad joke is that England has massive oil shale deposits -- a bit of fracking and they would be an energy exporter. A tip of the hat to Bishop Hill for the link.

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This page contains a single entry by DaveH published on March 6, 2013 10:21 AM.

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