In this week's Market Movers Europe with Associate Editor Marilena Tsimeki:
- Economic turmoil, OPEC+ supply cuts
- EC to draft latest energy price interventions
- New concerns over European gas infrastructure security
- Metals events ramp up ahead of LME Week
This week, in oil, the market is torn between economic and geopolitical upheaval, and aggressive OPEC+ production cuts, which have been strongly criticized by the US and the IEA.
In addition, Kazakhstan's crude loadings may be poised to recover, if repairs to the CPC loading terminal are completed.
We're also following efforts to resolve France's refinery strikes, which have tightened diesel and gasoline markets just as the EU tries to wean itself off Russian imports.
In gas and power, the European Commission is to update proposals to control energy prices.
Support is building for collective gas buying and a new gas market benchmark, but agreement on a gas price cap remains elusive.
The fear is that this would merely divert gas elsewhere while removing a key incentive to reduce demand.
Security has been ramped up across European gas facilities, but concerns remain after unusual drone sightings near gas infrastructure in Europe and the latest bomb threat in Norway's Nyhamna processing plant.
Russian President Vladimir Putin said that the attacks on the Nord Stream gas pipeline showed that all critical energy infrastructure was at risk. It remains unclear who carried out the suspected sabotage on the Nord Stream lines.
As London Metal Exchange Week approaches, a number of events will be taking place this week in the run-up.
One such event is the FT Mining Summit, which will cover a range of topics including whether metal supply can keep up with demand.
Other topics include decarbonizing the iron and steel supply chain and resourcing the electric vehicle industry, among others.
I'm Marilena Tsimeki, thank you for kicking off your Monday with S&P Global Commodity Insights.