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Watch: Market Movers Global, May 13-17: OPEC, IEA to release key insights, bad weather impacts agriculture in Australia, Brazil

  • Featuring
  • Felix Fernandez
  • Length
  • 01:58

In this week’s Market Movers Global with Felix Fernandez:

  • OPEC, IEA to release key insights
  • Putin’s visit to China in focus
  • Container rates spike from Asia to America
  • Canada’s rail strikes to affect commodity markets
  • Poor rainfall halts Australia’s wheat planting
  • Floods impact Brazil’s soybean exports


View Full Transcript

This week, OPEC and the International Energy Agency both release their monthly insights for the oil markets.

Sentiment got a boost last week from a surprise drop in US crude inventories, reflecting robust US refining activity and crude exports.

Increased Chinese crude imports also helped drive a rally in prices.

China’s President Xi Jinping is expected to play host to his Russian counterpart Vladimir Putin, either this week or next.

Further developments in the increasingly close bilateral relations between the two countries will be keenly watched for given Russia's already significant role as a top commodity supplier to China.

In shipping, container rates from Asia to the Americas have spiked amid increased blank sailings and tight space.

Carriers are expected to announce a general rate increase on Wednesday, which could gain traction amid constricted space on container vessels.

Meanwhile, a looming Canadian rail strike is raising concerns about disrupted logistics, particularly affecting wheat and sulfur markets.

Export prices for nearby Canadian wheat shipments are strong as a result, while sulfur consumers in the US are working to expedite shipments.

Adverse weather conditions are impacting agricultural prospects in key regions.

Australia faces challenges in wheat planting due to a lack of rainfall, with northern and eastern regions expected to pull back on intended plantings.

In Brazil, though, severe flooding in the Rio Grande do Sul region threatens rice and soybean output, creating opportunities for competitors like the US and Argentina to meet rising global demand.

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