In this week's Market Movers Europe with Eklavya Gupte:
- Oil, gas majors results in spotlight
- Iraqi oil exports still in limbo
- EU launches joint gas purchasing platform
- North Sea summit to discuss wind, hydrogen
- EDF Q1 update, nuclear outlook
This week is set to be dominated by corporate results from the global oil and gas majors. TotalEnergies, Repsol and Eni will be the first to provide key insights into their upstream spending, demand outlook and the pace of energy transition across their business units.
Oil markets are also expecting the restart of some 450,000 b/d of Iraqi oil exports from the Turkish Mediterranean port of Ceyhan following a four-week legal dispute between Turkey, Baghdad and Iraq's semi-autonomous Kurdistan region.
The EU’s gas demand aggregation and joint purchasing platform, AggregateEU, is now up and running.
The scheme’s first tender will be launched on Tuesday, with the window to place demand through the platform open until May 2, after which it will be aggregated and tendered to suppliers.
EU member states will be required to allocate 15% of their 90% storage targets for the upcoming 2023-24 filling season through AggregateEU.
In renewables, European leaders will meet to discuss cooperation on offshore wind in the North Sea, with a focus on hydrogen. The UK, France and Norway will add their support at the summit in Belgium.
Meanwhile, Europe's wind sector gathers in Copenhagen this week for its annual conference. Slow permitting and rising costs in wind power are hampering progress for Europe’s second-largest source of electricity.
Finally, Europe's biggest power generator EDF will report Q1 results on Friday and will update the market on the impact of strikes on 2023 production. Seven weeks of industrial action have delayed maintenance work at a dozen nuclear reactors.
I’m Eklavya Gupte, thank you for kicking off your Monday with S&P Global Commodity Insights.