RE: Order book15 Aug 2023 07:42
UK natural gas futures are trading around 92 pence per therm, as traders balance potential supply disruptions and closures at gas facilities against the fact that fuel reserves in the EU are at their highest level ever for this time of year. Threatened strikes at three major Australian LNG facilities may disrupt 10% of global fuel exports, causing energy price shock in Asia and Europe. At the same time, US exports of LNG are currently more profitable to Asia in September, October and November and there might be less LNG available this month. Meanwhile, UK wind power generation remains at low levels, increasing the dependency on natural gas. Also pressuring supply, capacity at Norway’s Vesterled pipeline to Britain was lowered until the half of August, before its eventual shutdown at the end of September.