In addition to the Russia situation, UK supply of LNG remains strong, with at least four LNG tankers scheduled to dock in the next two weeks. The Rasheeda will arrive at South Hook on the 6th March with another two potential from Qatar on their way. The Methane Patricia Camilla (pictured below) and the Methane Jane Elizabeth will both dock at Dragon on the 6th and the 9th March, respectively.
Demand for gas is significantly reduced for this time of year. The majority of this can be derived from the warmer than usual weather. Demand will continue to fall throughout the year with enforced EU energy efficiency legislation. ESOS, which will need to be reported, has forced over 10,000 businesses to conduct an energy audit. On average, 25-35% of business are following this up with implementation of energy efficiency products and strategies, with some technologies guaranteeing savings of 18%. Other technologies have been known to reduce gas demand by up to 60%!
Again the UK has escaped a harsh winter, although we still have a full two months to go until we are completely out of the woods. The following graph from Reuters shows the seasonal normal temperatures in red. The blue is the predicted temperatures, and this week is showing a drop in temperature but a rise on the way.
