It’s International Petroleum Week, and anyone who’s anyone in the oil industry will be gathering in London for one of the biggest events in the oil calendar. Kicking off the week on Monday is Platts Oil and Energy Forum.
Headlining IP Week on Tuesday is UAE energy minister Suhail Mazrouei, who will outline his vision of a formalized relationship between OPEC and Russia.
Elsewhere, the biofuels market will be looking to the long-awaited expiry of EU antidumping duties against US ethanol on Friday. The duties have been in place since 2013.
In the natural gas and power market, traders will be watching the latest weather forecasts for signs of a cold spell stretching into early March.
Finally, as China and other parts of Asia celebrate Lunar New Year, Europe’s steel mills have found a novel way to mark the holiday—by proposing higher prices.
Our social media question for this week: What impact will electric vehicles have on oil demand? Tweet us your thoughts with the hashtag #PlattsMM.
Video Transcript
In this week’s highlights: European ethanol producers wait to see if antidumping duties on US imports will expire; gas and power traders are weather watching; and European steel mills have their own way of celebrating Chinese New Year.
But first, it’s International Petroleum Week, and anyone who’s anyone in the oil industry will be gathering in London for one of the biggest events in the oil calendar. Kicking off the week on Monday is Platts Oil and Energy Forum.
Look out for two special reports we’ll be unveiling at the event: one on the future of the Dated Brent benchmark, and another on the changing face of transport and how it will affect energy and metals in the coming decades. Both can be found on our website at the address on your screen.
That takes us to our social media question: What impact will electric vehicles have on oil demand? Tweet us your thoughts with the hashtag #PlattsMM.
IP Week formally begins on Tuesday. Headlining is UAE energy minister Suhail Mazrouei, who will outline his vision of a formalized relationship between OPEC and Russia. He is followed by US deputy energy secretary Dan Brouillette, Iran’s deputy minister for industry, Mansour Moazami, and BP chief executive Bob Dudley.
BP also presents its annual Energy Outlook, a go-to reference guide to the next two decades, on Tuesday, for which Dudley is joined by BP chief economist Spencer Dale.
On Wednesday, renewables and new energy are the focus. Thursday starts with a discussion of oil stocks and storage, before moving on to energy security and geopolitics. Other sessions cover Russia, bunker fuel and even gender equality.
Away from IP Week, the biofuels market will be looking to the long-awaited expiry of EU antidumping duties against US ethanol on Friday. The duties have been in place since 2013. The expiry comes at a difficult time for European producers, because prices are low and margins tight.
There has been a great deal of speculation in the market but no official announcements on an appeal. A re-opening of the case could trigger an extension of the duty and would protect the European market, at least in the short term, from an arbitrage opening up from the US.
In the gas and power market, traders will be watching the latest weather forecasts for signs of a cold spell stretching into early March. Last week, front-month gas and power contracts rebounded during a cold spell warning, after a bearish run so far this year. A cold snap earlier this month caused power output from German coal and gas-fired plants to hit highs for the year-to-date.
As you can see from the chart, European gas inventories are ample after a mild winter. Nonetheless, a cold spell toward the end of the heating season could test storage withdrawal capacity.
Finally, as China and other parts of Asia celebrate Lunar New Year, Europe’s steel mills have found a novel way to mark the holiday—by proposing higher prices.
With many people in Asia away from their desks, the festivities will limit steel export offers to Europe. The resulting lack of competition is helping push up European flat steel prices. Higher slab and raw material costs are also encouraging European mills to raise prices.
Thanks for kicking off your Monday with us, and have a great week ahead.