Watch: Market Movers Global, July 8-12: US Gulf Coast oil, refining brace for Hurricane Beryl; European biofuels set for shakeup

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This week, the monthly reports from OPEC and the IEA are due on Wednesday and Thursday, respectively. This week’s Platts OPEC+ survey will also provide insight into production levels and quota compliance. Oil prices have risen on the back of a drawdown in inventories as the US driving season gets underway and amid early hurricane warnings.

US Gulf Coast markets are eyeing power supply, offshore production, and refining infrastructure in particular as Hurricane Beryl makes landfall in Texas today.

Meanwhile, tensions in the Middle East and the Iranian election have brought attention to Iranian oil production and potential sanctions.

In agriculture, markets will be watching the USDA’s World Agricultural Supply and Demand Estimates closely on Friday, which will offer global agricultural supply and demand projections. Brazilian grains and oilseed exports, which were at a standstill in June due to a new tax measure, will also be in focus. Any pressure on Brazil's export market may benefit US and Argentine competitors.

The EU biofuels market faces a potential shakeup due to a global shortage of rapeseed, according to the German vegetable oil trade association UFOP. This could lead EU producers to explore alternative feedstocks such as used cooking oil or advanced biofuels, potentially raising biofuel prices and affecting competitiveness with fossil fuels. The EU may need to adjust its biofuel trade policy and import strategies.

In the container shipping market, the shortage crisis is expected to further impact food trade in Asia. Indian rice exports have been curtailed amid container scarcity. Rice prices are expected to plummet as the freight crisis persists, with the China-US shipping route seeing unprecedented traffic. Red Sea conflicts have exacerbated the situation.

Finally, in the Asian thermal coal market, pockets of demand are expected from the power sector as China prepares for extreme weather and India faces monsoon logistics hurdles. However, strong buyer bargaining may keep prices under pressure.

I’m Nikolaos Aidinis Antonopoulos, thank you for kicking off your Monday with S&P Global Commodity Insights.