Marcellus: U.K. may be out of natural gas by April

Even though this winter has provided areas around the world with above-normal temperatures, serious concerns regarding the United Kingdom’s natural gas supply have arisen.

According to Gas Infrastructure Europe (GIE), the U.K.’s natural gas storage has hit its lowest level since 2011. As of January 16th, the storage unit’s natural gas inventory was at 3.34 billion cubic meters. Some are fearing a repeat of winter 2012-2013 when freezing air and a higher demand for heat almost emptied the entire natural gas storage reserve.

According to Bloomberg, these events helped increase natural gas prices in the U.K. On January 16th, the February U.K. natural gas contract price was 45.75 pence a therm, equivalent to $7.13 per million British thermal units, reported ICE Futures Europe.
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