In this week's Market Movers Europe with Thomas Seth:
- G7 to tighten up on Russian oil
- Novak at Russia-China business forum
- Norway’s LNG plant due back online
- European power & gas meets at E-world
- French reactors to come offline
Oil markets will be assessing the potential impact after G7 leaders meeting in Japan said they would strengthen measures to curb Russian oil price cap evasion.
The G7 leaders underscored their commitment to Ukraine, but also highlighted the need to avoid ‘spillover effects’ and maintain global energy supply.
One area to watch is Indian refiners’ exports to Europe, after EU foreign policy chief Josep Borrell called for a crackdown on fuel imports made using Russian crude.
Meanwhile, Russian officials including Deputy Prime Minister Alexander Novak will be visiting Shanghai for a Russia-China Business Forum this week.
In Dubai, the Middle East Petroleum and Gas Conference, hosted by S&P Global, starts today. OPEC Secretary General Haitham Al Ghais will be among the speakers offering insights on the region’s role in energy markets.
In European gas, Norway's Hammerfest LNG plant is expected back online on Saturday.
A technical issue forced the closure of the export facility on May 4 and the repairs have taken longer than originally expected.
The 4.3 million mt/year facility, a key source of gas for Europe, was offline for nearly two years after a fire in September 2020.
Power and gas market participants will be flocking to the annual e-World trade fair in Essen, Germany, as the sector emerges from three years of crisis.
The focus will be on the shift to an accelerated decarbonization agenda, and how to deliver on ambitious targets.
And finally, while improved nuclear availability in France has helped push power prices close to two-year lows, four reactors are due to come offline this coming weekend for refueling outages that were delayed due to worker strikes in April.
I’m Thomas Seth, thank you for kicking off your Monday with S&P Global Commodity Insights