Energy Market Highlights:
- France is currently enduring an unprecedented winter drought, and the strikes at EDF nuclear power plant may disrupt the power generation of one of the biggest European economies.
- US Energy Information Administration (EIA) announced higher than expected numbers in crude inventories for the eighth consecutive week.
- The gas storage levels across the EU stood at 60% full capacity. The abundance of LNG supply helped to push TTF Y+1 gas price lower towards 51 EUR/MWh – the level before the war in Ukraine started.
- In the coming weeks, the market participants will closely monitor the economic activity of China to understand how it will affect the LNG gas demand.
- The present power price drop in the market can present a valuable opportunity for companies to increase their hedge positions for the upcoming years by taking advantage of the lower prices to secure positions against future price fluctuations.
To read the prior week’s European Energy Market Update, please follow the link here.
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