Watch: Market Movers Global, May 20-24: OPEC+ to meet amid demand concerns; EU Critical Raw Materials Act enacted

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This week, the oil market is focused on the upcoming OPEC+ meeting on 1 June amid tepid summer demand and production tensions.

Unconfirmed warnings that the Vienna meeting could switch to an online format have fueled expectations of discord and a breakdown in production discipline, risking further price weakness.

However, data from the US has been more bullish, with the latest crude inventory levels showing a drop, and refinery utilization at its highest level since mid-January, according to the US EIA.

The EU Critical Raw Materials Act comes into force this week, defining 17 strategic elements and 34 critical materials to ensure that European manufacturers have access to a secure and sustainable supply of raw materials crucial to the energy transition.

Staying with critical metals, rising copper prices on the LME and COMEX could subdue import interest in China this week.

High copper prices have increased pressure on downstream consumption in China, where inventories are high. Chinese smelters intended to export copper cathode due to price differences, but delivery to LME warehouses is being delayed.

Europe’s electricity companies are gathering in Greece this week for their annual Power Summit.

It's their first chance to discuss the EU’s new Electricity Market Design regulation since its approval by the European Parliament.

High on the agenda will be the requirement for power exchanges to share intraday order books until the end of trade, a potential game changer for renewables integration.

The New York Independent System Operator is expected to release its summer reliability assessment this week. The assessment includes the power grid operator’s peak power demand forecast and the expected volume of power grid resources available to meet peak demand.

In the Asian thermal coal market, demand is expected continue to come from top consuming nations as temperatures rise.

Panamax cargoes will be on high demand due to relatively lower freight rates compared to Supramax, but less availability of Panamax cargoes is likely to support spot prices.

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