France Energy Pricing Trends - 1 August 2022
1 Aug 2022
France Power Pricing Trends | 1 August 2022
Driven by natural gas prices, the power market rose sharply last week. The CAL Baseload 2023 approached €500/MWh while the CAL Peakload 2023 reached €899.78/MWh last Tuesday. The market is under pressure, in an environment where French nuclear production is struggling (currently 40% of production capacity). The weekly average price has risen from 457.21 €/MWh to 493.66 €/MWh for CAL 2023 and from 248.94 €/MWh to 251.63 €/MWh for CAL 2024.
France Natural Gas Pricing Trends | 1 August 2022
Last week, the natural gas market reached new heights following the reduction of Russian gas deliveries to the EU by 20% of the total capacity of Nord Stream 1. This reduction had been predicted by President Putin a few days earlier. The EU is paying close attention to the replenishment of gas stocks before the arrival of winter, especially as storage levels vary from one Member State to another (France's stocks are 79% full, while Germany's stocks are only 66% of their total level). Last news of the weekend: Gazprom has announced that it will surprise the delivery of Russian gas to Latvia. The news is likely to push up natural gas prices in the coming days. The weekly average price increased from 118.56 €/MWh to 140.30 €/MWh for CAL 2023 and from 76.90 €/MWh to 85.34 €/MWh for CAL 2024.
France Oil Pricing Trends | 1 August 2022
The price of Brent crude oil rose last week. The decline in US oil stocks, the Fed's rate increase and the drop in gas deliveries on the Nord Stream 1 by Gazprom were factors in the rise in oil prices. The weekly average price of Brent crude oil grew from 103.37 €/bbl to 103.84 €/bbl.
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