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Market Movers Europe, Oct 11-15: Oil and metals industry events to shed light on post-pandemic landscape

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Watch: Market Movers Europe, Oct 11-15: Oil and metals industry events to shed light on post-pandemic landscape

In this week's highlights: We take a look at the calendar for a number of important industry events in the world of oil and metals; Russia's natural gas supply carrot, while Germany is set to restart a nuclear reactor.

  • Oil News: Energy transition, volatility in focus (00:12)
  • LME Week and Platts Global Metals Awards take place (01:44)
  • All eyes in gas on Russia after Putin intervention (02:44)
  • Germany's Isar 2 nuclear reactor gears up for final run (03:38)
View Full Transcript

In this week's highlights: We take a look at the calendar for a number of important industry events in the world of oil and metals; Russia's natural gas supply carrot, while Germany is set to restart a nuclear reactor.

But first, in oil, several set-piece events attempt to take the long view of the energy transition and the altered landscape following the pandemic, with COP26 climate talks coming up in November. These include S&P Global Platts Future of Energy Conference on Thursday October 14th, featuring executives from the energy sector, auto industry and financial community, among them TotalEnergies CEO Patrick Pouyanne.

Also, the Russian Energy Week conference kicks off in Moscow on Wednesday October 13th, featuring top Russian officials alongside OPEC Secretary General Mohammad Barkindo and Saudi Energy Minister Prince Abdulaziz Bin Salman. And the International Energy Agency unveils its annual World Energy Outlook the same day. For the time being though, attention remains very much on recent sharp price swings across the commodities space, the pace of economic recovery, and expectations for winter energy demand and potential switching from gas into oil for power supply.

Mobility markers continue to recover particularly in Asia and the Americas, while in the UK, motorists in London and the southeast struggle to find fuel due to logistical problems. Attempting to unpick all this will be the monthly oil market reports of OPEC and the IEA, published on Wednesday and Thursday respectively.

And that brings us to this week's social media question: Will oil prices continue to climb from their post-pandemic highs? Tweet us your thoughts using the hashtag #PlattsMM.

Looking at industry events in the metals markets, the London Metal Exchange's LME Week kicks off today, with an in-person seminar in London to discuss metals market direction, followed by the black-tie dinner on Tuesday 12th of October, and a virtual event on sustainability later in the week.

A flurry of pre-LME Week webinars have focused on headwinds facing metals demand in Q4, including power outages, construction curtailments, decarbonisation efforts and monetary tightening in China.

Whether there will be sufficient strategic minerals to sustainably supply the battery value chain is another talking point. Cobalt contract negotiations will also take place during the week, with sellers bullish due to increased demand from the EV sector.

Platts' Global Metals Awards ceremony is set to create interest on Thursday 14th of October, with awards granted to industry leaders in no fewer than 16 categories. The GMAs will this year be a hybrid in-person and virtual event.

Moving to a hot topic, for European gas, all eyes will be on Russia and any changes in its supply behavior after President Vladimir Putin last week hinted that Moscow could increase deliveries to Europe. Lower-than-expected Russian gas imports have contributed to the record high gas prices on European markets so far in October, with S&P Global Platts assessing the day-ahead TTF price at an all-time high of Eur116/MWh on October 5. Prices dived on October 6 as Putin said Russia could supply record volumes to Europe this year. There have been requests for Russia to supply additional gas into Europe to cool the overheating market, including from the International Energy Agency. But it remains to be seen whether deliveries will rise, with some fearing that Russia would only increase exports if it is allowed to use the now-complete Nord Stream 2 pipeline.

And finally, in Germany, the 1.4 GW Isar 2 nuclear reactor is set to return to the market on October 12 for its last 14 months of operation.

The reactor is one of three in Germany scheduled to close by the end of next year, completing the country's nuclear phase out. In neighbouring France, meanwhile, President Emanuel Macron is to set out his vision for 2030 in a speech expected to give a steer on future construction of reactors, which France considers an essential component of the energy transition. Somewhere in between is Belgium, where a heated debate continues on whether mandated reactor closures, removing six gigawatts as you can see in the chart, should proceed in the context of hard-to-permit replacement gas capacity. Watch this space

The Platts Atlas of Energy Transition is your map to the sustainable commodity markets of the future. You can explore the Atlas by visiting the address displayed on your screen. Thanks for kicking off your Monday with us and have a great week ahead!