This week, Midwest crude and refined product traders will be keeping a close eye on BP's Whiting, Indiana, refinery — the largest in the region. Two reformers and two of three crude units are said to be shut after an electrical fire last week, sending gasoline and diesel prices and cracks soaring.

The operators of Freeport LNG in Texas have pushed back the export facility's expected partial restart by a month to November, interrupting a rally in US gas futures that neared $10/MMBtu last week. This delay could potentially increase the volume of gas going into storage ahead of winter.

With September electricity forward contracts on the Intercontinental Exchange expiring this week, traders foresee higher prices during the first shoulder month. Four out of five US regions' on-peak packages have risen 20% or more since the beginning of July, and all five most recently averaged over $120/MWh.

Labor contracts between two US integrated steelmakers and the United Steelworkers expire Sept. 1. The USW recently rejected a proposal for a new contract with US Steel as the two sides continue to work through issues involving wages, healthcare, job security and more. The USW recently reached new deals with Canadian producers Stelco and Algoma to avert strikes and operational shutdowns.

I'm David Lademan. Thanks for kicking off your Monday with S&P Global Commodity Insights.