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Market Movers Asia

Market Movers - Asia, Sep 25-29: Challenges, opportunities in global oil market in focus at APPEC

With Tess Tseng, Commodity Associate, Asia

September 25, 2017 09:00:37 EST (2:16)

The week kicks off with the Asia Pacific Petroleum Conference in Singapore, where the challenges and opportunities facing the global oil market will be discussed. Key topics include: what’s in store for US crude supply to Asia, the demand outlook for Asia’s top-tier buyers, and what's next for China’s independent refiners.

This episode of Platts Market Movers - Asia with Commodity Associate Tess Tseng also looks at factors affecting the LNG markets, with the JKM price at a 9-month high, as well as Thailand’s refined sugar cash premium that is starting the week at a 6-year high.

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33rd Annual Asia Pacific Petroleum Conference (APPEC 2017)
September 25 to 27, 2017 | Raffles City Convention Centre, Singapore

As the most prestigious event in the Asia Pacific oil and gas industry calendar, APPEC 2017 delivers three days of market-driven discussions from industry powerhouses, mixed with exclusive networking opportunities to ensure global participants are guaranteed with the highest quality, up-to-the-minute market intelligence and new business opportunities.

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Video Transcript

OPEC producers Iran and Iraq will make their presence felt when they talk about their countries' production status and impact on global markets.

The focus in Asian crude markets this week will be on term allocation cuts by major Middle East producers. Recent cuts have prompted end-users to scramble for light, medium sour cargoes.

Southeast Asia and Oceania sweet crude prices have rallied on the back of tighter Middle East term supply, a closed Europe-East arbitrage amid an expensive Brent complex, and strong product cracks ahead of high winter demand season.

In LNG, JKM spot price assessments for November delivery are at a 9-month high, and at close to parity to term delivery prices. Despite that, prices could continue to face upward pressure this week from aggressive winter buying.

In coal, Asia seaborne traders are awaiting the outcome of talks in Japan to fix year-long contract prices for Australian thermal coal starting October 1. Talks opened with an offer at $100/mt FOB Newcastle for 6,000 NAR thermal coal. Last October’s price for the contracts was $94.75/mt.

In agriculture, the cash premium for Thailand’s refined sugar will start the week at a 6-year high on supply tightness and demand from Taiwan, with subsequent flow to China. While some market participants see prices at close to peaking this week, some sellers are expecting to see further upside.

In metals, aluminum prices on the Shanghai Futures Exchange hit a near 6-year high last week as Henan province began winter smelter cuts well ahead of the November deadline, with bad air quality cited as the reason.

Will more Chinese smelters do the same this week?What do you think? Remember to join our conversations on Twitter with #PlattsMM.

Also this week, we're launching Emerging Among Giants, a special report on ASEAN energy and commodity opportunities as the region celebrates 50 years. More details on

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

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