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Watch: Market Movers Asia, May 7-11: Asian crude buyers grapple with oil prices at four-year highs ahead of US decison on Iran sanctions

Oil markets will be keeping a close eye this week US President Donald Trump's decision to re-impose sanctions on Iran. In the lead-up to the May 12 deadline, oil prices have hit multi-year highs, with some analysts saying 1 million barrels per day of supply could be impacted if the sanctions are re-imposed.


Middle Eastern suppliers raised their official selling prices to four-year highs. Last week, Qatar Petroleum, Saudi Aramco and ADNOC raised their OSPs, and Asian oil buyers are now awaiting announcements from Iran, Iraq and Kuwait to get the complete picture.


In petrochemicals, the US' move to impose preliminary antidumping duties on polyethylene terephthalate from Brazil, Indonesia, South Korea, Pakistain and Taiwan is seen likely to redirect Asian PET from the US to other markets this week.


And in thermal coal, Asian market players are hoping for a breakthrough this week in negotiations for Japanese term contracts involving Australian coal producer Glencore.


S&P Global Platts editor for agriculture markets Samar Niazi looks at these and other factors that could drive commodity markets this week.


Join our conversations on Twitter - use #PlattsMM and connect with us.

View Full Transcript

Video Transcript


This week, Asian crude buyers grapple with prices at four-year highs, US duties impact PET trade flows, and India moves to support local sugar prices.


But first, markets will be keeping a close eye this week on whether US President Donald Trump decides to re-impose tougher sanctions on Iran. Trump has until Saturday to decide whether to continue the waiver of oil import-related sanctions, which took effect in January 2016.


In the lead-up to the decision, oil prices have hit multi-year highs, with some analysts saying 1 million barrels per day of supply could be impacted if the sanctions are re-imposed.


Do you expect the sanctions will be re-imposed? Join our conversation on Twitter with the hashtag PlattsMM.


Elsewhere in oil, pressure is mounting on Asian oil buyers this week after major Middle Eastern suppliers raised their official selling prices to four-year highs. Last week, Qatar Petroleum, Saudi Aramco and ADNOC raised their OSPs, and buyers are now awaiting announcements from Iran, Iraq and Kuwait to get the complete picture.


In Asia, China is expected to release its closely-watched preliminary oil import and export data for April on Tuesday.


In petrochemicals, the US' move to impose preliminary antidumping duties on PET from five countries is seen likely to redirect Asian PET from the US to other markets this week.


The US Department of Commerce last week imposed preliminary duties on PET from Brazil, Indonesia, South Korea, Pakistan and Taiwan until a final duty determination is made on September 17.


In sugar, the Indian government approved an 82 cent per metric ton subsidy on domestic cane production last week in a bid to boost prices, which have fallen 25 per cents this season. The subsidy is equivalent to an export subsidy of 122 dollars per metric ton.


In thermal coal, Asian market players are hoping for a breakthrough this week in negotiations for Japanese term contracts involving Australian coal producer Glencore.


Some traders believe Glencore could settle with its Japanese customers at close to 100 dollars per metric ton, a hefty 15 dollars higher than last year.


In shipping, Capesize freight rates increased towards the end of last week due to higher steel and iron ore prices after a challenging April, and sources said the outlook for May was still unclear.


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