In this week's Market Movers Europe with Hassan Butt:
- Banking, recession fears unnerve oil markets
- Strikes continue to impact French LNG
- EU Council to discuss energy interventions
In oil, prices hit 15-month lows in recent days on banking turmoil and recession fears.
OPEC's latest market report has added to the bearish sentiment, suggesting the group won't need to increase production until the second half of the year, although the IEA has highlighted resurgent Chinese demand.
Oil product markets remain supported by refinery maintenance and outages, together with strikes in France.
The FT Commodities Summit kicks off in Switzerland on Monday, providing a range of analysis and opinion.
And France's TotalEnergies gives its annual strategy update on Tuesday.
Key to European gas market dynamics this week will be whether France's LNG terminals resume operations after a lengthy strike.
Operations at the Montoir, Fos-Cavaou and Fos-Tonkin terminals have been halted since March 6 and are due to resume on Tuesday unless the strike is extended again.
Cargoes contracted for delivery to France are either being diverted elsewhere in Europe, including to neighboring Spain, or are waiting offshore until the industrial action ends.
Ukraine and energy are inevitably on the agenda for this week's European Council, with EU leaders due to meet on Thursday and Friday.
First up will be the Commission's proposed revisions to the power market design, prompted by last year's alarming escalation in gas and power prices.
The EC has steered clear of calls for radical intervention demanded by some member states.
I'm Hassan Butt, thank you for kicking off your Monday with S&P Global Commodity Insights