Two days of gas left in UK as Middle East war shakes energy markets — Daily Mail
Traders are taking advantage of the UK's vulnerable position (photo: Getty Images)
The United Kingdom has only enough natural gas to last two days after the conflict in the Middle East forced the shutdown of the world's largest gas facility, according to the Daily Mail.
The National Gas company reports that the country's storage sites now hold just 6,700 GWh (gigawatt-hours) of gas—enough for roughly a day and a half of consumption. A similar amount is stored as liquefied natural gas (LNG). By comparison, the UK had 18,000 GWh in storage at the same time last year.
The supply crunch is linked to disruptions in the Middle East. The near-total closure of the Strait of Hormuz, which carries about 20% of global oil and gas shipments, has forced some LNG tankers to reroute to Asia, where prices are higher. Production stoppages in certain regions are also contributing to market instability.
Europe, in contrast, is far better prepared for supply fluctuations, with gas reserves built to cover several weeks.
Traders are taking advantage of the squeeze, driving up prices, knowing the UK has limited options other than outbidding European competitors. As a result, London is currently paying the highest wholesale gas prices in Europe.
Experts note that the United Kingdom's vulnerability stems from limited storage capacity and a heavy reliance on imports, primarily from Norway and the United States.
Russia's possible benefit from Middle East situation
Earlier this week, Norwegian Energy Minister Terje Aasland warned that the war in Iran could impact Europe's energy stability and reignite discussions in the EU over a complete ban on Russian gas.
This raises the possibility that Europe may resume full-scale purchases of Russian gas, despite the EU recently approving a full ban on imports from Russia through the end of 2027.
