This week, US coal prices are under pressure due to higher stockpiling and lower global energy demand. Central Appalachia and Illinois Basin coal prices are about 40% below year-ago levels as European demand for US coal is dwindling amid well-stocked ports and the shoulder season. Higher domestic temperatures, cheaper natural gas and higher burn levels are also weighing on coal prices.

Steelmaker Cleveland Cliffs expects strong results in its first-quarter earnings release this week, due to cost reductions and steady increases in steel pricing since November. However, Cliffs may also comment on potential changes in near-term market dynamics, following a decline in domestic hot-rolled coil prices last week for the first time in over four months.

In shipping markets, transport costs for crude carried from the US Gulf Coast to Europe in Suezmax tankers are poised to continue rising. Charterers are consistently preferring Suezmax tankers despite softer Aframax and VLCC freight, leaving cargo inquiry thin.

Finally, the power market may gain clarity this week on the effects of a possible recession on US electricity as numerous Eastern utility owners, including CMS Energy and Southern Company, release earnings reports. Updates on renewable supply chain issues and on Southern's Vogtle nuclear plant may also be addressed.

I'm Tara Olaleye. Thanks for kicking off your Monday with S&P Global Commodity Insights.