Commodities
French Gas Stocks Reassuring Ahead of Winter, But Prices Still Rising
France's natural gas stocks are at 'relatively reassuring' levels ahead of winter, according to Emmanuelle Wargon, president of the CRE commission. This is despite rising prices due to market fluctuations and the ongoing war against Iran.
The government wants to reach a storage capacity of 85% by winter's start, and France currently has 71.3% full. Companies have committed to fill the tanks, giving the regulator confidence in meeting this target.
France imports 95% of its natural gas needs, and while it can rely on a direct pipeline from Norway, prices are still rising due to global market pressures. The Dutch TTF contract, a benchmark for European gas prices, hit €75.33 per megawatt-hour for October deliveries.