Norway's Feb Gas Output Flat
Norway's gas output in February was 10.17bn m³, almost flat compared with 10.1bn m³ in February last year, but ahead of the forecast 9.96bn m³.
Almost all the output is exported to Europe, which experienced very cold temperatures this February. The forecast for the year is 124.44bn m³, which is almost exactly 2017's output (124.16bn m³), offshore regulator Norwegian Petroleum Directorate said March 21.
Last year's output, a record, exceeded the forecast of 109.7bn m³ by a wide margin, mostly owing to ramp-up from the Troll field. The summer months (May-September inclusive) showed the biggest differences between actual and forecast, with 48.18bn m³ produced, compared with the forecast 38.4bn m³. The forecasts are calculated in the December of the preceding year.
Norway's Langeled pipe to the UK across the North Sea has been flowing at roughly 75mn m3/d both weekdays and weekends, day and night, for much of this month and late February, representing the largest single and most reliable entry point to the UK market.
Europe's other leading gas supplier, Russia's Gazprom, stepped up supplies this February - particularly in the last eight days - correctly anticipating a cold snap, demand surge and spot price spike across Europe in early March, and again last weekend. Prices have since receded.