UK Becomes Latest Country to Import US Shale LNG

It took a surge of gas flowing out of Britain for the country to finally take part in the U.S. shale boom.

A cargo of liquefied natural gas from Sabine Pass, Louisiana, is scheduled to dock in southern England’s Isle of Grain terminal on Saturday, making the U.K. the seventh European Union country to receive gas from America’s shale rock.

The arrival comes as the volume of gas stored at U.K. LNG terminals languishes at the lowest level for this time of year since 2009 and fuel rushes out of Britain to the mainland, where it can fetch higher prices or be stored for winter. Flows from the U.K. on a two-way pipeline to Belgium rose to just short of a record on Wednesday. At the same time, the spread between U.S. and U.K. prices has widened to the highest level since April, boosting the trade’s attraction for American sellers.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.