This week in oil, attacks in the Red Sea persist, causing the first fatalities of the conflict and further disrupting the market. The crisis has been supporting oil prices since February.

Amid expectations of a spring rebound in demand from China and the US, Saudi Aramco reports its 2023 results today.

OPEC and the International Energy Agency publish their monthly oil market reports on Tuesday and Thursday, respectively.

On the gas front, the European Commission is set to launch its fifth short-term joint gas purchasing tender via AggregateEU on Tuesday, covering gas purchases from May 2024 to March 2025.

Participants will have until March 18 to submit demand, with the matching process set to run through March 27.

In environmental markets, German energy minister Robert Habeck will provide an update tomorrow on "carbon contracts for difference", a multibillion-euro support scheme aimed at industrial decarbonization.

Berlin plans to focus support on operational expenses, bridging the gap between EU carbon prices and a theoretical carbon price needed to make projects viable.

Finally, in recycled polymers, market players await imminent news on the EU Packaging and Packaging Waste Regulation.

The directive is expected to bolster structural buying of recycled polymers, but is yet to receive support from the European Commission.

A provisional agreement was reached last week, setting targets of 30% R-PET and 10% non R-PET content in plastic packaging by 2030.

I’m Daniel Pelosi, thank you for kicking off your Monday with S&P Global Commodity Insights.