In this week's Market Movers Europe with Eklavya Gupte:
- Russian elections and Red Sea dominate oil
- Germany, Italy, Switzerland to agree gas solidarity pact
- Norway launches first offshore wind tender
- COP29 talks to commence in Copenhagen
This week, the oil market's attention will be on the events unfolding around Russia's presidential elections, including a series of attacks on refineries which have pushed up domestic prices of diesel and gasoline.
Attacks on Red Sea shipping continue, affecting the price of Mediterranean crudes normally exported from the region.
In gas, the German government is expected to formally sign a gas solidarity pact with Italy and Switzerland at the Berlin Energy Transition Dialogue on Tuesday.
The trilateral agreement is meant to ensure security of gas supplies in the event of extreme shortages.
In power, Norway's first offshore wind tender starts today.
Four consortiums remain in the running for the right to develop a 1.5-gigawatt project near the sea border with Denmark.
Oil firms like Equinor and BP bid in partnership with utility companies, while a consortium including the IKEA investment holding and Japan's Jera were also pre-selected.
Lastly, several climate leaders will meet in Copenhagen to kick off negotiations for the 29th UN Climate Change Conference, which will take place in Azerbaijan in November.
The thorny issue of climate finance will likely take center stage, and ministers will also decide on a preliminary agenda for COP29.
I’m Eklavya Gupte, thank you for kicking off your Monday with S&P Global Commodity Insights.