Britain’s liquefied natural gas (LNG) storage levels hit record highs, according to National Grid data, while gas withdrawals were below market expectations.
LNG stock levels were 9,513 gigawatt hours (GWh), or around 903m cubic metres (mcm), which surpassed the previous record of 9,261 GWh in August, the data showed. But brimming storage may not result in high withdrawals, traders and analysts said.
“Even if you have a large amount of LNG in storage, you only send out a certain amount to optimise future profits, depending on how many ships you expect in the future,” said Igor Pipkin, a gas market analyst at Norway’s Nena consultancy.
“Just because you have plenty in storage, doesn’t mean you have high send-outs.”