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Natural Gas Storage occurs underground in depleted oil and gas fields, aquifer reservoirs, and salt caverns. Liquefied Natural Gas is stored above ground in tanks.
Following further engineering work and investment, Centrica has announced increased gas storage capacity at Rough, the UK's largest gas storage facility. The facility, which is 18 miles off the coast of East Yorkshire, stopped storing gas in 2017 but was re-opened for gas storage in October 2022.
Depleted natural gas or oil fields function as gas storage reservoirs in California. Natural gas is injected into the storage reservoirs through gas storage wells and stored until withdrawn for use. There are 12 underground natural gas storage fields in the state.
Gas was injected for storage when its future price on the commodities futures market rose above its current market price. That gas would be sold with a future delivery date, creating an instant profit, and then held in the facility until the date contracted with the purchaser on which it was required to be delivered.
The basic approach to storage valuation is to calculate the optimal position given the available forward curve and take this position on the forward market. This intrinsic value approach captures the predictable seasonal pattern in gas prices and secures a sure profit.
Natural gas?a colorless, odorless, gaseous hydrocarbon?may be stored in a number of different ways. It is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations.
In June 2017, Centrica announced the closure of the Rough gas storage site on the grounds that it was uneconomical and had reached the end of its design life.