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Watch: Market Movers Europe, Dec 14-18: Energy legislation announcements expected; Brexit stockpiling hits container rates

In this week's highlights: Container shipping rates are set to hit record highs; and details of new energy legislation are to be revealed in Germany and Spain.

*Key meeting, data for oil market

*Can carbon prices maintain their momentum?

*Container rates grow in line with UK port delays

*Germany expands renewable ambitions

*Spanish energy scheme to benefit metals, steel producers

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In this week's highlights: Container shipping rates are set to hit record highs; and details of new energy legislation are to be revealed in Germany and Spain.

But first, the oil market will be closely monitoring key meetings and data releases this week. On Wednesday the Joint Ministerial Monitoring Committee that advises OPEC+ on production policy will meet. On Saturday there will be a meeting of the key players in the OPEC+ producer alliance when Russian energy minister Alexander Novak heads to Riyadh to consult with his Saudi counterpart, Prince Abdulaziz bin Salman. OPEC and the International Energy Agency will release their widely watched monthly oil market reports on Monday and Tuesday.

Just as OPEC+ will be closely eying prices, the EU carbon market will be looking to see if prices can continue their momentum after hitting an all-time high of over Eur31.00/mt on December 11, as you can see in this chart. This week marks the end of daily carbon auctions for 2020, with no more supply coming into the market until late January or early February. Other bullish factors include the EU agreeing a stricter 2030 target to cut greenhouse gas emissions by 55% below 1990 levels.

Record high prices will also be on the container freight market's mind. General Rate Increases, due to come in on Tuesday are set to push rates to a record high of around $7,500 per forty-foot container from Asia to the UK, a three-and-a-half-fold increase on the month. This comes ahead of the UK's exit from the EU customs union, with importers stockpiling on fears of increased delays at ports, coupled with seasonal pre-Christmas demand.

Across the North Sea, a reform to Germany's green energy law is set to be approved on Friday. Germany's response to a higher EU carbon-reduction target is to legislate for a 65% share for renewables in the power mix target by 2030.

As you can see from the chart, German renewables growth is ahead of target, with 50% in the 2020 mix. However, from 2021 first-generation wind and solar assets will begin to exit subsidy periods, and wind growth in recent years has been greatly reduced. However, solar additions are growing at their fastest rate since 2013.

And that takes us to our social media question for the week: Is Germany going far enough to reach its ambitious climate targets? Tweet us your thoughts using the hashtag #PlattsMM.

And finally, Spain's Industry Ministry is expected to announce details of a new mechanism for large energy consumers to be approved by the government by year-end. This will allow users in the steel and metals sectors to mitigate rising energy costs. Spanish metal groups, led by aluminum producer Alcoa, Spain's largest single electricity consumer, have lost access to subsidized energy prices since a previous mechanism ended in June.

For more on all the issues affecting commodity markets from wherever you are, make sure to check out Platts LIVE at the address displayed on your screen.

Thanks for kicking off your Monday with us and have a great week ahead!