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Market Movers Asia, Oct 18-22: Energy crisis grips key Asian economies

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Watch: Market Movers Asia, Oct 18-22: Energy crisis grips key Asian economies

On this week's Platts Market Movers Asia with Senior Editor Yiming Zeng: Industry officials to discuss the push towards cleaner fuels and the policy response needed during the India Energy Forum, which is taking place at a time when the global energy industry is facing severe supply disruptions and surging energy prices. (00:11)

More highlights in Asia's commodity markets:

*Eyes on China's economic indicators for a clearer view on its energy and resource demand outlook (00:49)

*Strong regional demand supports thermal coal prices (02:07)

*Pipeline issues hit gas supply from Indonesia (02:32)

*Power crunch affects China's steel production (03:00)

View Full Transcript

This week: Power shortage sends Chinese refiners looking for Russian crude, keeps thermal coal prices in the region high and constrains Chinese steel output.

But first, CEOs, ministers and industry officials will debate, among other key themes, the push towards cleaner fuels and the policy response needed during the India Energy Forum by CERA Week. The three-day conference is taking place at a time when the global energy industry is facing severe supply disruptions and surging energy prices. Stakeholders will try to find answers to questions like -- how will countries absorb high energy prices? Where are we in the post-pandemic energy recovery roadmap? Is the demand recovery sustainable?

But before that, markets digest China's Q3 economic indicators, including GDP growth, fixed asset investment and industrial production to get a clearer view on the energy and resource demand outlook for rest of the year.

Current high commodity prices and power shortage in Asia's top economies require Beijing to balance the long-term net-zero carbon emission goal with short-term economic growth and people's living conditions, during the peak energy demand season in winter.

So for our social media question for the week: Will the power shortage get worse before it gets better? Share your thoughts on Twitter with the hashtag PlattsMM.

In oil, China's independent refineries are showing strong preference for ESPO Blend crude to boost industrial diesel production, ahead of the peak energy demand season in winter.

ESPO blend crude purchases typically increase when temperatures start to fall in China as refiners prepare for peak fuel and power demand in winter. This year, the country's ongoing power crunch could lead to higher demand for diesel, as a supplement or alternate power source, to keep key factories and manufacturing plants running.

In thermal coal, the urge to replenish dwindling stocks by fuel-starved India and China, both of which have been witnessing intermittent power cuts, is likely to send Indonesian thermal coal prices to new highs. Fire incidents in Russia's Vanino port and in South Africa's Richards Bay terminal are likely to divert seaborne demand towards Australian coal.

Looking at LNG, Singapore is the next country to find itself at the receiving end of a fuel supply crunch after key Asian countries like India and China and regions like Europe started battling an energy crisis. Lower gas supply from Indonesia due to curtailments in piped gas supply may have impacted Singapore's utilities. 95% of Singapore's electricity is sourced from natural gas.

The impact of the power shortages has far-reaching implications, beyond just the energy market.

In metals, market sources expected China's September crude steel output to drop significantly on the month, due to power rationing across more than 18 provinces. China's steel production data will be out October 18. Manufacturing production could also decline due to the power crunch.

For more on all the issues affecting commodity markets from wherever you are, make sure to check out Platts LIVE at the address displayed on your screen.

Thanks for kicking off your Monday with us. Have a great week ahead!