Britain Gas Supply Shrinks to Two Days as Iran War Diverts LNG
Monday at 9: 14 a. m. ET, National Gas figures showed Great Britain had roughly two days of stored fossil gas. The decline in britain gas supply stems from LNG tankers being diverted to Asia as the Iran war disrupts shipping routes, creating the immediate supply squeeze now.
National Gas figures: current storage and recent change
National Gas reported 6, 999 gigawatt hours (GWh) of fossil gas in Great Britain’s storage on Saturday, down from 9, 105 GWh a year earlier and equal to under two days of gas at current demand patterns. The operator notes maximum storage capacity equates to 12 days of gas, and stressed that storage forms only a small part of the country’s overall supply mix.
Britain Gas Supply tightened by LNG diversions and market moves
LNG diversions have accelerated the tightening: at least two tankers redirected from Europe to Asia in the middle of the Atlantic since Friday, following three similar diversions the prior week. Traders have pushed UK month-ahead gas prices sharply higher; National Gas and market data show price spikes after the US and Israel began intense airstrikes on Iran, and after Qatar halted production at a major LNG plant following a drone attack.
Policy statements, seasonal movement and system design after 21 February
Gas injections into Great Britain’s storage have picked up since 21 February because of milder temperatures, a typical seasonal pattern when demand drops. A National Gas spokesperson said the market draws on a mix of UK continental shelf production, Norway, LNG, interconnectors and storage to balance supply and demand. A Department for Energy Security and Net Zero spokesperson said it was “categorically untrue” that Britain only has access to two days of gas and reiterated confidence in a diverse and resilient supply mix.
Analysts noted Britain’s storage usage differs from mainland Europe: Europe maintains several weeks of reserves, while Britain uses storage more flexibly and relies on regular deliveries. One data set cited around 6, 700 GWh in storage, described as roughly one and a half days of winter demand, and the country’s total storage capacity was noted at about 18, 000 GWh in other market commentary.
As LNG flows shifted east, Asian prices spiked and UK prices climbed; one market measure rose from 78. 5p a therm before the Iran war to 137p a therm in the most recent week of trading, reflecting tighter supply and competing global demand.
National Gas has proposed policy options responding to a government review, including measures to maintain and enhance flexible supply capacity such as storage expansion and LNG facilities, but specific timelines for those measures were not provided in the available material.
For now, britain gas supply remains dependent on a combination of domestic and imported volumes and market flexibility rather than large, always-available stockpiles; that configuration has left the system sensitive to sudden global shipping disruptions linked to the Iran war.
More details expected 9: 00 a. m. ET.
