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Posted On: 27 March 2013 04:14 pm
Updated On: 12 November 2020 02:12 pm

Qatar saves the day in the UK

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British wholesale gas prices fell by up to 20% yesterday, undermined by major gas shipments due from Qatar and Trinidad to help replenish stored gas reserves depleted by weeks of abnormally cold weather. The price of gas for weekend delivery fell about 20% to 84 pence per term, while the day-ahead gas contract slumped to 93.50p, a drop of around 11%. A late blast of winter weather has drained Britain’s already modest gas stocks to around a 10th of their capacity, sparking fears of supply restrictions with the cold weather forecast to continue into early April. Low inventories combined with cold weather forecasts spurred gas prices towards record highs last week, but the announcement that three liquid natural gas (LNG) deliveries are due to arrive in the Britain by April 3 has dented sentiment. Two shipments from Qatar are due to unload at UK import terminals this week, one arriving later yesterday and the other on Friday, respectively, while a shipment from Trinidad should arrive on April 3, ship-tracking data from AIS A cargo from Qatar aboard the Mekaines arrived at the Isle of Grain terminal in Kent over the weekend and is currently unloading supplies. Source : Qatar Chronicle