In this week's Market Movers Europe with Felix Fernandez, Digital Content Editor for S&P Global Commodity Insights in the EMEA region:
- Oil prices under pressure as recession fears grow
- All eyes still on Nord Stream gas flows
- Drought piles pressure on beleaguered power market
- Black Sea grains shipping resumes under safe transport agreement
This week, recession fears are spooking oil markets, underlined by higher gasoline inventories in Europe and the US.
Supply fears have also been eased by a recovery in Libya and rising shale rig numbers in the US, as well as promises of higher production from OPEC+.
These and other trends will be weighed in the monthly oil market reports of the International Energy Agency and OPEC, both out Thursday.
The European gas market will continue to keep a close eye on flows via the Nord Stream pipeline after Gazprom said it was "impossible" for it to take delivery of a key turbine.
With flows at just 20% of capacity, there are concerns that the final operational turbine could also be taken offline, bringing supplies to zero.
In power, the unusually dry summer is tightening markets as river-based power stations come under cooling water restrictions.
Rhine levels at the Kaub chokepoint are expected to slip below 50 cm this week, restricting coal deliveries upstream.
Meanwhile Norway has warned of power export restrictions if current low hydro reservoir levels do not improve.
And shipping markets will have all eyes on the Black Sea grains trade, after a small number of Handysize carriers were able to depart Ukrainian ports under the safe transportation agreement between Ukraine and Russia.
More cargoes may follow, as Ukraine's infrastructure minister said no more than three vessels per day would navigate the safe corridors in each direction for the first two weeks.
I'm Felix Fernandez, thanks for kicking off your Monday with S&P Global Commodity Insights.