Affected by the situation in the Middle East, an increasing number of liquefied natural gas (LNG) carriers originally destined for Europe have rerouted to Asia, causing a drop in the UK’s energy reserves. Current natural gas inventory levels may only last for two days. According to data from National Gas, which operates the UK’s natural gas transmission system, as of March 7, the UK’s natural gas inventory stood at 6,999 GWh, compared to 9,105 GWh during the same period last year. The UK’s maximum natural gas storage capacity can meet 12 days of demand, but current reserves are insufficient for even two days of consumption, raising external concerns that if the Middle East crisis escalates further, the UK could exhaust its natural gas reserves. However, National Gas stated that even with low inventory levels, the UK can still secure substantial natural gas supplies from other sources. A spokesperson for the company said current UK natural gas reserves are largely in line with expectations and close to levels seen last year. A spokesperson for the Department for Energy Security and Net Zero also dismissed claims that the UK has only two days’ worth of natural gas left as “completely false.” “We have a diversified energy mix and are confident in our energy supply security,” the spokesperson added, noting they are working closely with industry stakeholders to ensure the natural gas system remains resilient under future scenarios, including extreme situations. Although National Gas is not concerned about short-term reserve levels, it has proposed several policy recommendations to enhance the UK’s long-term energy security in response to a government review. Last month, the company highlighted that systemic changes—such as declining North Sea production, increased import dependency, and shifting demand patterns—pose new challenges and risks. CEO Jon Butterworth bluntly described the current moment as “a defining moment for UK energy security.”
Source: China Council for the Promotion of International Trade