Watch: China's Third Plenum and rising oil prices dominate market focus

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An important policy meeting of the Chinese Communist Party, the Third Plenum, is underway today. The meeting is expected to focus on economic reform, notably policy on so-called "new productive forces" like lean technology sectors including solar power and electric vehicles. Energy and commodity markets will also be interested in decisions on the country's troubled property market, fiscal policy, government spending and upgrading industries with new technology.

In oil markets, an update on Saudi Arabia's crude exports is expected on Wednesday from the Joint Organizations Data Initiative, or JODI. The OPEC kingpin and other Middle Eastern countries typically consume more crude at home to meet summer air conditioning needs. It comes as prices have risen recently amid growing expectations of US interest rate cuts and signs of increasing summer demand. On top of this, the International Energy Agency's latest report noted falling stock levels in June.

In the US, Marathon Petroleum is preparing to restart multiple units at its Galveston Bay oil refinery after downtime caused by Hurricane Beryl. S&P Global Commodity Insights estimates that between 3 and 4 million barrels of gasoline production were affected. Market participants will be closely monitoring the restart process at the US’s largest refinery and its impact on gasoline supply and prices.

In European power markets, France’s Flamanville-3 nuclear plant is expected to start fission this week, marking a significant milestone for the country's first new reactor in a generation. Fuel loading has been completed and the plant is expected to connect to the grid later this summer. The plant will produce around 14 TWh in its first fuel cycle, contributing to EDF's already strong nuclear profile for 2025.

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