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Watch: Market Movers Asia, Oct. 10-14: Asian refiners reassess crude oil buying strategies after OPEC+ output cut

  • Featuring
  • Vivien Tang
  • Commodity
  • Agriculture Energy LNG Natural Gas Oil Metals
  • Length
  • 01:51
  • Topic
  • Asia-Pacific Energy Crisis OPEC+ Oil Output Cuts

On this week's S&P Global Commodity Insights' Market Movers Asia with Vivien Tang, Associate Editor, Grains:

*Asian refiners are reassessing crude procurement strategies after OPEC+ decision.

*Metal markets are looking to the 20th National Congress of the Chinese Communist Party for cues

*Australian coal prices may trend lower

*LNG freight rates are expected to rise further in coming weeks

*Palm oil data from Malaysia is in focus

View Full Transcript

This week, Asian refiners are reassessing crude procurement strategies after OPEC+ slashed production quotas by 2 million b/d for the next 14 months.

Spot trades may pick up as refiners minimize the impact of the cuts to their term allocations for Middle Eastern crudes.

Metal markets are looking to the 20th National Congress of the Chinese Communist Party starting October 16 for cues, hoping for clarity on COVID-19 restrictions and China's import policy on Australian coal, among others.

And while the return of Chinese buyers after the Golden Week holidays will support Indonesian thermal coal prices, Australian coal prices may trend lower as demand for high-ash grade coal weakens.

In gas markets, both Europe and North Asia will enter winter with strong gas inventories.

A record number of LNG carriers are being used as floating storage globally ahead of the peak demand season, causing carrier shortages.

Daily LNG freight rates have soared to $300,000/day and may rise further in coming weeks.

In agriculture, palm oil industry participants are awaiting Malaysia's key supply and demand data for September.

Despite support from rising soybean oil and crude oil prices, crude palm oil futures could slump amid historically high stocks, heavy discounts from Indonesia, and recession fears.

I'm Vivien Tang. Thanks for kicking off your Monday with S&P Global Commodity Insights.