Into Europe was shut down on January 1, which put pressure on gas flows across the continent. European storage was at 69 percent capacity.
By Tuesday of this week, compared to 84 percent at the same time last year. However, Britain is much less resilient than France, Germany, or the Netherlands since
Its total gas storage capacity is just around 10% of theirs. Friday saw a sharp increase in oil prices as well, reaching their highest level since October.
As cold weather swept across homes and worries about possible US sanctions hurting Russian oil supply mounted, Brent crude jumped to $80.76 per barrel. The UK’s gas storage,
Which is concentrated on Centrica’s Rough storage facility in underwater rocks off the east coast, has been particularly strained as energy consumption rises as a result of the frigid weather.
Centrica, which has been advocating for government backing to expand Rough, said that the facility has been instrumental so far this winter, providing almost 420 million cubic meters (mcm) of gas.
