Watch: Market Movers Global, June 10-14: OPEC, IEA to release oil data; US Fed's interest rate decision in focus

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This week, OPEC and the International Energy Agency release their monthly insights on oil markets. This follows the recent decision by OPEC and its allies to phase out some output cuts, which has softened spot oil prices. The G7 Summit, which kicks off in Italy on Thursday, could also shed some light on the West’s hopes of strengthening its price cap on Russian oil exports.

Oil markets are also watching for the US Federal Reserve’s interest rate decision on Wednesday. The Fed is expected to hold rates steady, but fresh signals on any changes are under scrutiny. A prolonged period of higher interest rates has stoked fears of slowing global economic activity and therefore crude oil demand.

In shipping, container rates for ex-China cargo to the US may rise with a planned $1,000 General Rate Increase. Limited space and equipment shortage in China have already helped push rates to their highest since early fall 2022, and now shippers have begun moving cargo ahead of the rate hike, resulting in an early start to peak season for container imports into the Americas.

Natural gas markets are awaiting news on the start-up of the Mountain Valley Pipeline in the US. The pipeline has been targeting an early-June start, but has yet to notify federal regulators of mechanical completion, and it needs final regulatory approval before it can start shipping up to 2 billion cubic feet per day.

Finally, the IGC Grains Conference will bring together policymakers, traders and other stakeholders in London this week to discuss global agriculture supply and demand. South American corn will also be in focus, as it has been the driving force behind the world’s total grains outlook in all IGC reports this year.

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