In this week's Market Movers Europe with Nikita Pravilshchikov:
- Brent holds above $80 after sell-off
- Oil demand uncertainties linger
- Norwegian gas exports rebound in October
- Germany’s RWE Q3 results in focus
This week, Brent crude oil hovers over the symbolic $80/b mark after recent decreases, as tight market fundamentals continue to provide support.
Fears of Middle East supply disruptions have eased as the Israel-Hamas war has not affected underlying supply and demand. However, weak demand in China has weighed on sentiment.
Market focus will be on monthly reports from OPEC and the International Energy Agency, out on Monday and Tuesday, respectively.
Norway's gas exports are back to near capacity after a heavy summer maintenance schedule, while high pipeline deliveries are helping secure European gas supplies.
However, concerns over potential winter supply shocks remain. The market will be watching for any announcements on unplanned work at Norwegian fields, as Norway is now Europe's largest single source of gas supply.
In power, German wind company RWE will report its third-quarter results on Tuesday.
With the company committed to phasing out lignite generation by 2030, the utility’s transition plans for hydrogen-ready gas plants will be in focus.
Meanwhile, the German government is expected to outline details on a power tax cut of Eur15/MWh for industrial consumers, in a bid to revive flagging demand.
I’m Nikita Pravilshchikov, thank you for kicking off your Monday with S&P Global Commodity Insights.