This week, market participants will closely watch China's moves toward reopening borders, which may boost jet fuel demand. Beijing has removed barriers on domestic travel as it eases its zero-COVID policies.

Markets will also track the meeting of the US Federal Reserve Dec. 13-14, where policymakers are expected to raise interest rates. A large hike is expected to put further pressure on oil prices.

In shipping, the Kozmino to North China freight rate for Aframaxes remains elevated after touching record highs last week.

Many ship owners are shying away from carrying Russian origin crude, leaving limited vessels to carry ESPO crude from Kozmino to China.

Russia has expanded fleet capacity by acquiring more tankers for crude transportation to minimize the impact of sanctions.

In petrochemicals, the polymer market remains in wait-and-see mode after China's easing of COVID-19 restrictions. Demand is expected to remain slow as the year comes to an end, while nationwide holidays in China may further depress demand.

In Asian metal markets, India is set to widen its export promotion scheme, called the Remission of Duties and Taxes on Exported Products, to include iron and steel products this week.

India's move is aimed at boosting iron and steel exports after it rolled back duties on exports of various steel raw materials and products in November.

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