BRITAIN'S GAS DOWN 50%

PLATTS - The amount of gas held within the UK's medium-range natural gas storage facilities has fallen by more than 50% since the end of November on the back of high demand allied to weaker UK gas production, an analysis of data by S&P Global Platts showed.

Gas stocks held within the UK's seven medium-range reservoirs combined began Thursday's gas day at 594 million cu m, less than half the 1.211 Bcm held at the start of the November 28 gas day, data from National Grid showed.

Withdrawals from medium-range reservoirs have been well above seasonal trends in December due to falls in both UK Continental Shelf production and weaker withdrawals from the long-range Rough reservoir, in addition to high UK gas demand on the back of below-average temperatures during the middle of the month.

As a result, MRS stocks began Thursday's gas day well below levels seen in previous years, standing 333 million cu m lower year on year and 151 million cu m shy of the bottom of the five-year range.

However, stocks were set to receive a boost in late December with NBP price spreads incentivizing injections due to the January contract trading above contracts for December delivery.

The NBP January contract was assessed at 58.75 pence/therm Thursday, 2.75 p/th higher than the weekend contract (Saturday-Tuesday) and 1.25 p/th above the working-days-next-week contract (Wednesday-Friday), Platts data showed.

Indeed, data from Platts Analytics' Eclipse Energy showed MRS reservoirs injected a net 11 million cu m into stock during Thursday's gas day, set to boost stock levels back above the 600 million cu m mark as a result.

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