UK gas hub nearly empty as European prices surge to three‑year high
Centrica chief Chris O’Shea said the Rough gas storage complex in the North Sea is essentially empty, with no gas pumped in and only a small amount of native gas remaining. The site, which can hold up to 30 days of supply, will lose its production licence next April, ending any further extraction. Across Europe, wholesale gas prices have risen to a three‑year peak after missile strikes in the Middle East and a blockade of the Strait of Hormuz.
European gas inventories are averaging about 65% of capacity, while Italy and Germany show differing storage levels. The combination of low UK reserves and higher European prices is raising concerns about winter energy supply and household bills.
How this was covered
- Left-leaning outlets covered this 14h later
- The two sides describe this in almost entirely different words
Why it matters
Consumers could face higher energy costs and tighter supply during the winter months.
How this story developed
- Jul 20 U.S. and Iran intensify air strikes over Strait of Hormuz, diplomacy stalls
- Sep 7 GasBuddy released a forecast predicting a $4.03 average gasoline price for the Labor Day weekend.
- Sep 7 Brent crude climbed to about $97 a barrel as US‑Iran clashes intensified, and analysts said gasoline prices may ease in October with the shift to winter‑grade fuel.
- Sep 9 Donald Trump said the war with Iran will end immediately after the November midterm elections, arguing Tehran cannot sustain its campaign.
- Sep 10 Projectiles struck Iran's Sirik coast, causing multiple blasts in Minab County and on Qeshm Island.
- Sep 10 Trump said the war will cease immediately after the upcoming U.S. midterm elections.
- Sep 11 Foreign ministers of the Gulf Cooperation Council plan to meet Iranian foreign minister Abbas Araghchi in Salalah, Oman, to discuss a temporary arrangement for vessel traffic through the Strait of Hormuz.
- Sep 11 Trump said he would repeat his decision to go to war with Iran.
- Sep 11 Diesel fuel in the United States has risen past $6 per gallon, a sharp increase linked to recent military actions involving the U.S., Israel and Iran.
- Sep 11 U.S. equity indexes rose on Friday after Brent crude slipped and a consumer-price report came in close to forecasts, easing market worries.
- Sep 11 Diesel prices crossed $6 per gallon for the first time.
- Sep 12 Brent crude fell 2.5% to $104.93 and the Dow, S&P 500 and Nasdaq posted point gains.
- Sep 12 Rough’s production licence is set to expire in April, ending extraction at the site.
- Sep 12 Iran announced an expanded restricted maritime zone from Chabahar through parts of the Gulf of Oman and the Arabian Sea.
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