FINWIRES · TerminalLIVE
FINWIRES

UK Grants Centrica Consent to Extend Rough Gas Storage Operations

By

The UK's North Sea Transition Authority said Wednesday that it has granted a production and storage consent to Centrica Offshore for the Rough gas storage site in the Southern North Sea, allowing it to continue operating until April 30, 2027.

The Rough facility, located off the east coast of England, is the UK's largest gas storage site and plays a key role in supporting the country's energy security, particularly during periods of high demand.

Rough provides half of the UK's gas storage capacity, with 54 billion cubic feet, enough to heat 2.4 million homes over winter, according to Centrica's website.

Centrica has been working to restore and expand the site's storage capabilities after it was partially reopened in 2022 to bolster the UK's energy security and help reduce consumer bills.

Related Articles

Commodities

US Crude Inventories Fall, API Says

Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories declined by 4.40 million barrels in the week ended April 17, following a 6.10-mmbbl build the previous week, and compared with analysts' estimate of a 1-mmbbl decline, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Commodities

EIB Commits $2.82 Billion to Boost Energy Security, Innovation

The European Investment Bank said Monday that it will provide over 2.4 billion euros ($2.82 billion) in new financing to support energy resilience and deep tech innovation amid rising geopolitical pressures.The funding was announced at Hannover Messe as part of Europe's broader response to global competition in strategic technologies and ongoing energy challenges, the European Investment Fund said.All agreements signed at the European Union stand are backed by the InvestEU program, reflecting increased support for innovation, technology transfer, and energy resilience across the bloc.Under a partnership with Commerzbank, the European Investment Bank will provide a 250-million-euro guarantee to enable up to 2 billion euros in investments in electricity grids across Germany and other EU countries.The initiative aims to strengthen supply chains for key grid components, including cables and transformers, while accelerating digitalization and modernization of energy networks.The European Investment Bank said the structure is expected to mobilize private capital into critical grid projects, helping improve energy security, reduce industry costs, and enhance system reliability for consumers.Other investments include support for robotics, automation and artificial intelligence projects, alongside commitments to early-stage deep tech funds, university spin-out financing, and computing-focused venture capital initiatives across Europe.EIB Vice-President Nicola Beer said the 2.4-billion-euro package will back energy security and key technologies, calling such investment essential for Europe's competitiveness and economic resilience.

Commodities

US Natural Gas Update: Prices Rise on Geopolitics Amid Ample Supplies

US natural gas futures held onto gains in after-hours trading on Tuesday, recovering from earlier losses as markets reacted to shifting geopolitical signals and steady domestic supply conditions during the low-demand shoulder season.The front-month Henry Hub contract, along with the continuous contract, rose by 0.78% to $2.71 per million British thermal units.Price action tracked broader energy markets, with Barchart noting that a rally in crude oil, driven by the ongoing closure of the Strait of Hormuz, prompted short covering in gas futures. That geopolitical backdrop provided upward momentum despite otherwise bearish fundamentals.Weather forecasts, however, capped gains. The Commodity Weather Group said updated projections turned warmer, with above-average temperatures expected across the US Midwest through Apr. 25.Gelber & Associates added that its two-week outlook for the Midwest and South Central regions warmed by roughly 20 degrees Fahrenheit compared with prior estimates, though slightly cooler expectations elsewhere offset part of the shift.Fundamentals continued to point to ample supply. The US Energy Information Administration said working gas in storage across the Lower 48 states is estimated at about 1,890 billion cubic feet at the start of the April-October injection season, roughly 3% above both year-ago levels and the five-year average.Supply remains robust, with total Lower 48 output at 113.2 billion cubic feet per day, driven primarily by dry gas production of 107.8 Bcf/d and net Canadian imports of 5.4 Bcf/d, according to Gelber & Associates. Demand has been relatively subdued, weighed down by residential and commercial consumption at 19 Bcf/d.Separate data cited by Barchart, drawing on BNEF figures, showed US gas production at 110.3 Bcf/d on Tuesday, up 2.3% year over year. Demand was estimated at 70.8 Bcf/d, up 4.7% from a year earlier, while liquefied natural gas net flows to export terminals reached 20.0 Bcf/d, a 1.5% increase week over week.