Natural gas demand from Local Distribution Zone (LDZ) sector in Spain reached a record high of 114 million cubic meter (mmcm) on January 7 due to high heating demand during recent cold snap, which resulted in an increase in liquefied natural gas (LNG) production. This increase is still higher than the December average of 86 mmcm and the January 2020 average of 94 mmcm, according to data from S&P Global Platts Analytics.
Additionally, the LNG regasification rates rose to their highest of 95 mmcm during Jan 7 since the Fukushima incident in 2011. However, this elevated rates may not be able to continue for a long time with LNG stocks being much lower in the country. According to the data, Spain had 734 mmcm of natural gas equivalent in stock, almost 50% lower on annual basis