In this week's Market Movers Europe with Max Kotenev:
- Oil market reports, UK budget
- Strike at French LNG terminals due to end
- EC to unveil power market proposals
- Germany to close hydrogen import tenders
This week, in oil, concerns about US interest rates and China’s recovery remain, even after a drop in US crude inventories and strong production from Russia, Saudi Arabia and Nigeria.
Weighing these factors up are monthly oil market reports from OPEC and the IEA, due on Tuesday and Wednesday, respectively.
And we’ll be reporting on Wednesday’s UK Budget and its implications for the energy, upstream and fuels sectors.
In gas, an ongoing strike at three of France’s four LNG import terminals is expected to end on Tuesday, allowing imports and gas sendout to resume in this key LNG importing country.
Strikes against France’s proposed pension reforms disrupted operations at all three Elengy sites on March 6, while strike action also impacted operations at the Dunkerque terminal from March 7 to 10.
On Thursday, the European Commission is due to publish proposed reforms to the EU’s electricity market design.
Leaked details suggest it has prioritized customer protection, forward market liquidity and contractual stability for new renewables
But it has not given in to radical demands from some member states to split the wholesale market.
In energy transition news, Germany is set to close its second and third hydrogen derivatives import tenders under the H2Global scheme on Tuesday.
The tenders are for methanol and sustainable aviation fuel derived from green hydrogen, produced by renewables-powered electrolysis, for delivery from 2024.
The tenders follow a first one for green ammonia that closed in late February.
I’m Max Kotenev, thank you for kicking off your Monday with S&P Global Commodity Insights