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Watch: Market Movers Asia, Oct 22-26: Gasoil hits record highs; fresh LNG cargoes to load from the Ichthys project

Asian end-users are seeking for alternative ultra-light crude feedstocks as access to the South Pars condensate will be blocked in light of the US sanctions on Iran.

The FOB Singapore gasoil saw cash premiums rise to a year-to-date record high of $1.64/barrel over the Mean of Platts Gasoil assessment. Regional gasoil demand has absorbed the extra barrels due to the end of the monsoon season and the fishing ban in the South China Sea.

Iron ore prices hit a six-month high last week, with prices supported by strong demand and a slowdown in cargo flows from Australia this month.

The front month raw sugar futures rallied by over 6% on the week, amid a stronger Brazilian real and concerns over reduced exports from Brazil and EU.

View Full Transcript

This week: gasoil hit record highs, fresh LNG cargoes to load from the Ichthys project, and iron ore demand seen to erode.

But first, in oil, Asian end-users are seeking for alternative ultra-light crude feedstocks as access to the South Pars condensate will be blocked in light of the US sanctions on Iran.

Australian Ichthys condensate will likely take center stage after the new Oceania ultra-light crude made its debut in the spot market last month. Ichthys condensate is expected to hit a production capacity of 100,000 barrels per day at its peak.

In LNG, with emerging supply in the Pacific, participants expect a return in trade activity this week as the market heads into winter. Eyes were trained on Australia's Ichthys project, which closed its supply tender for the first tranche of cargoes loading October and November.

On pricing, Platts JKM reversed a 10-day slide last week after plunging to seasonal lows. Participants are seeing a disconnected cargo and freight market as shipping rates hit a fresh six-year high, while winter bearishness continued to weigh on spot LNG prices.

In the oil product markets, the FOB Singapore gasoil saw cash premiums rise to a year-to-date record high of 1 dollar and 64 cents a barrel over the Mean of Platts Gasoil assessment. Regional gasoil demand has absorbed the extra barrels due to the end of the monsoon season and the fishing ban in the South China Sea.

So for our social media question this week

Will gasoil prices continue its bull run this week?

In the steel markets, demand for raw materials picked up and the market expects it to continue for the rest of this month. Iron ore prices hit a six-month high last week, with prices supported by strong demand and a slowdown in cargo flows from Australia this month.

The upcoming trade expo in China has prompted the government to clamp down on the use of blast furnaces, which will reduce the demand for iron ore. While the heating season will start in November, traders are unsure if more production controls would be put in place. This brings more uncertainties to iron ore price movement in coming weeks.

In agriculture, sentiment in the sugar market has flipped from bearish to bullish. The front month raw sugar futures rallied by over 6% on the week, amid a stronger Brazilian real and concerns over reduced exports from Brazil and EU. Thai cash premiums are expected to be supported this week with demand from Indonesia, Vietnam and Philippines.

That's it for this week. Thanks for kicking off your Monday with us. Have a great week ahead!