be in focus. The oil and metals markets will be looking at the consequences of recent events in Turkey.
The oil market's focus will be on the potential strain on relations between Saudi Arabia and its western allies over the disappearance of Jamal Khashoggi, a journalist critical of the Saudi regime; while the metals market will be waiting to see whether the release from house arrest in Turkey of US pastor Alex Brunson will result in an easing of US tariffs on imports of metal from Turkey.
Staying with oil, one of the key questions on the markets' minds will be whether benchmark Brent crude futures will hold above 80 dollars a barrel after a sharp reversal at the end of last week.
Prices will also keep European gas traders watching the rate of LNG send-out into the network to make way for a possible wave of LNG imports incentivized by prices in Europe.
This is the focus of this week's social media question: How big a role will LNG play in Europe's energy mix this winter? Tweet us your thoughts with #PlattsMM.
Meanwhile, in Europe's power markets, it is set to be an interesting week as Belgium's energy minister travels to Berlin for talks on winter power supply.
Finally, in petrochemicals, EU statistics agency Eurostat will publish a new set of export-import data on Tuesday.
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In this week's highlights: Will Brent crude hold above 80 dollars? Traders will be watching Europe's appetite for LNG; and cross-border power markets will be in focus.
This week, the oil and metals markets will be looking at the consequences of recent events in Turkey. The oil market's focus will be on the potential strain on relations between key oil producer Saudi Arabia and its western allies over the disappearance of Jamal Khashoggi, a journalist critical of the Saudi regime. The Turkish authorities have accused the Saudi government of murdering Khashoggi at the Saudi consulate in Istanbul. Saudi Arabia has strongly denied the allegations.
US President Donald Trump has threatened to punish the Saudi government were it to be found responsible for Khashoggi's death. France, Germany and the UK have called for a credible investigation into the case. But in a statement Sunday via state-run media, Saudi government officials rejected any threats and pointed to its "influential and vital role" in the global economy.
Any tensions between Saudi Arabia, one of the world's largest oil producers, and the West could have far-reaching implications for the energy complex.
The metals market will be waiting to see whether the release from house arrest in Turkey of US pastor Alex Brunson will result in an easing of US tariffs on imports of metal from Turkey. The US doubled the tariffs on Turkish imports to 50% for steel and 20% for aluminum in August, citing the Brunson case. Brunson was accused of links to the Gulenist movement which President Recep Tayyip Erdogan says was behind the attempted coup against him in 2016. Brunson denies the charges.
Moving from Turkey, but staying with oil, one of the key questions on the markets' minds will be whether benchmark Brent crude futures will hold above 80 dollars a barrel after a sharp reversal at the end of last week.
Predictions of $100 oil have started to look a little shaky, with key forecasts from the International Energy Agency and OPEC turning bearish. Brent fell back sharply from four-year highs on Thursday and Friday. The IEA cut its estimates of global oil demand this year and next by 100,000 barrels a day each, citing currency depreciations, trade disputes and a revision to its data on China.
Prices will also keep European gas traders watching the rate of LNG send-out into the network to make way for a possible wave of LNG imports incentivized by prices in Europe.
A fall in LNG prices in Asia last week almost halved the premium for November of S&P Global Platts JKM to the Dutch TTF hub to just $1.50/MMBtu.
Send-out rates at the Gate terminal in the Netherlands have hit a six-month high ahead of several cargoes expected this week. That's represented by the blue line in the chart currently on your screen.
Sky-high shipping rates have also made it more lucrative for cargoes to stay in Europe.
This week's social media question is: How big a role will LNG play in Europe's energy mix this winter? Tweet us your thoughts with #PlattsMM.
Over in the power markets, it's set to be an interesting week as Belgium's energy minister travels to Berlin for talks on winter power supply. Belgium is down to just one out of seven nuclear reactors until mid-November, with the potential for a knock-on effect on neighboring markets.
Cross-border capacity will also be a key focus for power traders this week. Monthly capacity auctions start Monday for Germany-Austria, where spreads have widened more than expected since the split of the common bidding zone on October 1.
Turning to petrochemicals, EU statistics agency Eurostat will publish a new set of export-import data on Tuesday. The European polymers market is eagerly awaiting the figures to see whether there was a fresh surge in imports of polyethylene from the US. Polyethylene is used to make plastic bags and packaging.
As part of its trade war with the US, China has imposed high duties on imports of US material. As a result, European market participants have long been bracing themselves for a higher volume of polyethylene from the US entering their market.
Thanks for kicking off your Monday with us, and have a great week ahead.