In this week's Market Movers Europe with Nikolaos Aidinis-Antonopoulos
- Oil market discussions at the OPEC Seminar
- MEPC 80 meet to discuss their GHG strategy
- Power traders focus on weather forecasts
- Low river levels in Rhine a concern
- Gas market eyes on Norwegian maintenance schedule
This week, crude oil prices shrugged off the aborted Russian coup and continue to be weighed down by concerns over the global economy.
The OPEC International Seminar taking place in Vienna on Wednesday and Thursday will bring together OPEC ministers, the CEOs of major oil companies and other industry officials.
The Maritime Environment Protection Committee of the International Maritime Organization will meet for its 80th session in London this week.
It’s expected to adopt an upgraded strategy on greenhouse gas emissions, including new reduction targets for the maritime sector and ship energy efficiency. Coupled with existing IMO and EU regulations, this could create a further push for greener fuels in the shipping sector.
Power markets entered the third quarter of 2023 with negative hourly prices in core markets over the weekend, as weak demand combined with a surplus due to high solar and wind generation.
Power traders will be keeping a close eye on weather forecasts, with above-average temperatures predicted, but no serious heat waves or prolonged droughts expected.
However, water levels on the Rhine in Germany are near historic lows and, while coal is no longer king in Germany, the impact of barge restrictions on industrial sectors, notably chemicals, can be severe.
Maintenance work on the Norwegian Continental Shelf continues to impact gas exports to Europe, with recent market volatility partly due to short-term changes in work schedules.
The key Nyhamna plant remains shut in and is not expected to restart until July 15.
Any further delay would add to the current market jitters.
I’m Nikolaos Aidinis-Antonopoulos thank you for kicking off your Monday with S&P Global Commodity Insights.