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Watch: Market Movers Asia, March 6-10: Commodity markets focus on China's 'Two Sessions'; ESPO crude oil price climbs

  • Featuring
  • Surabhi Sahu
  • Commodity
  • Coal LNG Natural Gas Oil Shipping
  • Length
  • 2:00

In this week's Market Movers Asia with Surabhi Sahu, senior editor LNG and energy transition:

  • China's 'Two Sessions' to guide commodity markets
  • Russian ESPO crude oil price soars
  • Weakening JKM prices spark buying interest
  • Coal output in focus after China orders mine safety checks
View Full Transcript

This week, the focus across commodities will be on China's 'Two Sessions', the National People's Congress, and Chinese People's Political Consultative Conference.

Market participants await the selection of China's top governors, including the prime minister, as they digest China's latest economic and social growth targets for 2023.

In oil, soaring Russian ESPO crude prices are drawing market attention after major refiners in India stepped up buying in anticipation of reduced production of Russia's flagship Urals.

Concerns linger that this could mean fewer cargoes for China's independent refineries.

In LNG, softening JKM prices amid ready supply have sparked spot market interest among price-sensitive South Asian buyers, leading to an increase in tender activity.

Buy tenders have been recently heard from India, Bangladesh, and Brunei.

Market participants in India expect warmer weather to boost downstream LNG demand.

But it remains to be seen if the buying spree will continue.

In thermal coal, Asian market participants expect sellers to lower their offers as high prices following a mining accident in China at the end of February have discouraged buyers from bidding.

The market is watching whether China's stringent coal mine safety checks after the accident may impact output.

I'm Surabhi Sahu. Thank you for kicking off your Monday with S&P Global Commodity Insights.