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(Bloomberg) — Natural gas exports from the UK to continental Europe in February rose to the highest level for this time of year since 2023, as the country benefited from ample supply and milder weather.
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Britain has sent more than 400 million cubic meters of the fuel through a key pipeline connecting it with Belgium so far this month, a shift from net imports last year, grid data compiled by Bloomberg show.
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Traders have been monitoring the flows as European gas demand surges this year amid rapidly depleting inventories. The UK, which has limited storage capacity, normally exports gas to the EU when demand cools during warmer weather. It can import from the continent during the colder winter months.
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“The UK has experienced milder conditions through February in comparison to continental Europe, incentivizing exports, which has not historically been the case,” said Wood Mackenzie analyst Theo Kelsey. Its imports of liquefied natural gas remained high despite low domestic demand, helping the EU, where several LNG terminals faced weather-related or pipeline restrictions this month.
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The higher exports come as discussions intensify about the future of the UK’s gas market. Late last year, the state-owned National Energy System Operator warned that falling domestic gas output — and growing reliance on imports — would leave the nation more vulnerable to unexpected disruptions by 2030.
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For this year, Wood Mackenzie expects two gas interconnectors — with the Netherlands and Belgium — “to be well utilized towards the continent” through the summer.
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“With underground storages starting injection season from the weakest level in recent history, we expect the UK to receive increased LNG imports to transit through to Northwest European markets, as terminals elsewhere on the continent reach high import levels,” Kelsey said.
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