Oil markets are waiting for Keystone Pipeline to restart and for Canadian crude to resume flows to the US Gulf Coast. The northern portion of the pipeline has been restarted, but the portion running from Nebraska to Oklahoma and down to Houston is still shut. TC Energy is working on cleanup efforts and awaiting regulatory approval to restart fully.

In power, the Electric Reliability Council of Texas is facing its first winter preparation test over the Christmas holiday weekend. It has warned market participants of an "extreme cold weather event" over Dec. 22-26 and its seven-day load forecast shows the system peaking at 67.3 GW on Dec. 23.

Transport costs to carry crude from the US Gulf Coast to Europe in Suezmax lots are poised to continue sliding. Outstanding cargoes are having to compete with cheaper Aframaxes, and a large number of open Suezmax tankers is pressuring freight further. Transatlantic activity has also picked up for VLCCs, but numerous failed fixtures have caused those rates to slide as well.

Finally, US hot-rolled coil steel prices could continue to rise this week after the latest round of mill offer increases last week. Hot-rolled coil prices have rebounded from a year-to-date low since the mill increases, but some market participants think weaker demand outlooks will limit the market's recovery.

I'm Jennifer Pedrick. Thanks for following the markets with S&P Global Commodity Insights this year. We'll see you in 2023.