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Watch: Oil prices rise as OPEC reports demand growth; Germany faces nuclear-free week

  • Featuring
  • Vivian Iroanya
  • Commodity
  • Energy Electric Power Energy Transition Oil
  • Length
  • 01:39
  • Topic
  • Energy Transition Environment and Sustainability OPEC+ Oil Quotas and Geopolitics

In this week's Market Movers Europe with Vivian Iroanya:

  • ‘Healthy' oil demand as strikes, interest rate fears ease
  • Germany faces first week without nuclear
  • French nuclear outlook at risk from strikes
  • EU environment ministerial to focus on domestic competitiveness
View Full Transcript

In oil, prices have risen since the OPEC+ group announced its output cut on April 2. In a report on April 13, OPEC spoke of "healthy" demand growth in the first quarter, led by emerging markets, and an easing of supply concerns.

Sentiment has become more bullish as fears over US banking and interest rate rises have abated.

Meanwhile, French refineries have been coming back online after nationwide strikes.

The strikes had dampened demand for US crude imports, and tightened supply of certain products.

In power markets, Germany faces its first week without nuclear power after its last three reactors were shut down on Saturday, while Finland's new OL3 reactor is due to start commercial operations this week.

Traders remain focused on France, where six weeks of strikes have hampered output and maintenance across its fleet of 56 reactors.

Two reactors finally started annual planned outages over the weekend, with another three scheduled to go offline next weekend.

On Tuesday and Wednesday, EU environment ministers will gather for an informal meeting to discuss competitive threats to the green transition.

After years of leading the energy transition, the EU is now in fierce competition for resources with the US and China.

At the top of the agenda is how EU member states can cooperate to scale up domestic clean-tech manufacturing and the supply of critical raw materials.

I'm Vivian Iroanya, thank you for kicking off your Monday with S&P Global Commodity Insights