Milder weather may leave Europe with surplus storage

摘要

The day-ahead basis market widened in the second half of January during a cold snap, boosting UK demand for gas through the Interconnector. The day-ahead differential opened to minus 3p/th on 18 January, the most negative since March 2006, while Belgium exported consistently to the UK. But the cold snap did not strain supplies, and milder weather quickly undermined demand and the day-ahead basis market, which tightened to minus 1.05p/th by 24 January before rising again.