Overview
- National Gas data show storage at 7,510 GWh on Tuesday, up from 6,999 GWh on Saturday, with the operator stressing storage is only a small part of a diversified supply mix.
- The Department for Energy Security and Net Zero says it is “categorically untrue” that the UK has only two days of gas, and Energy Minister Michael Shanks called shortage reports scaremongering.
- UK month-ahead gas prices climbed to about 137p per therm from roughly 78.5p before the latest conflict escalation in the Middle East.
- Conflict-related risks include a shutdown at Qatar’s largest LNG plant after a reported drone strike and diversions of multiple LNG cargoes toward Asia, according to Bloomberg tracking.
- Cornwall Insights forecasts the July price cap could rise by about £160 to around £1,800 a year if disruption persists, though analysts say immediate physical shortages are unlikely.