The 7th Asian Ministerial Energy Roundtable will be held in Bangkok on November 2. This is a key event in the global energy dialogue before the next OPEC/non-OPEC meeting on November 30 in Vienna, where the big question focuses on whether or not the oil group will extend the supply cut deal.
Still in oil, the preliminary January loading program for Australian North West Shelf condensate is due for release this week. Market watchers are expecting to see at least three cargoes of the ultra-light crude available for lifting in the month.
In LNG, forecasts for a colder than average winter in Northeast Asia are fuelling expectations that last week's rebound in the JKM will gather pace this week.
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Video Transcript
The highlights this week on Platts Market Movers Asia -- LNG prices rebound, a strike disrupts Australian coal shipments, and India hikes its minimum support price for rabi wheat.
But first, in oil, the preliminary January loading program for Australian North West Shelf condensate is due for release this week. Market watchers expect to see at least three cargoes of the ultra-light crude available for lifting in the month.
With minor field maintenance in Iran tightening South Pars condensate supply, and winter feedstock demand from Asian refiners and petrochemicals companies kicking in, North West Shelf is expected to see healthy demand.
Elsewhere, the seventh Asian Ministerial Energy Roundtable will be held in Bangkok Thursday. This is a key event in the global energy dialogue before the next OPEC/non-OPEC meeting on November 30 in Vienna to discuss the supply cut deal.
With about a month to go, here’s our social media question for you: the Do you expect OPEC/non-OPEC members to extend their supply cut agreements beyond March 2018 at that meeting? Tell us your views via Twitter using the hashtag PlattsMM.
In LNG, forecasts for a colder than average winter in Northeast Asia are fuelling expectations that last week's rebound in the JKM will gather pace this week. The result of a recent Russian sell tender and robust spot procurement from India are also fuelling bullish sentiment.
In thermal coal, Asian buyers assess the impact of a second weekend strike by coal train drivers in Australia’s eastern New South Wales state. Coal producers were forced to reschedule shipments after the first strike the weekend before held back around 500,000 metric ton of coal exports from Newcastle port and Port Kembla.
In shipping, Capesize rates in the Asia Pacific are set to be volatile following a retreat last week, after being firm earlier in October amid strong iron ore demand from China. It is also typhoon season in the Far East, and talk of production cuts by Chinese steel mills could impact Capesize tonnage demand in both the Pacific and Atlantic.
In metals, Australian alumina prices will kick off the week having already rallied 19 per cent in October, driven by tight supply and strong demand in the western hemisphere. In Brazil, bauxite mining issues caused by drought, higher smelting rates and lower alumina run rates due to social unrest were impacting the market.
And finally, in agriculture, India’s wheat prices could rise next year as the government has raised the minimum support price for the 2017-2018 harvest season by 110 rupees, or almost seven percent from last year.
Remember to join our conversations on Twitter with #PlattsMM.Thanks for kicking off your Monday with us and have a great week ahead!