By Tyler Durden
Platts: 5 Commodity Charts To Watch This Week
Via S&P Global Platts Insights blog,
Demand destruction from the coronavirus outbreak will be top of mind for power and gas traders this week, while the ripples in the oil market are being felt in Saudi Arabia and Vietnam, albeit in different ways. The iron ore market, which is faring better, rounds out this week’s pick of commodity charts by S&P Global Platts news editors
1. Lockdowns in Europe, Asia push TTF gas price to 16-year low…
What’s happening? The coronavirus lockdowns in Europe and now India are hitting gas prices hard, with the TTF month-ahead falling to its lowest level since S&P Global Platts began assessments in 2004 of just Eur7.15/MWh. Reduced industrial activity in Europe has led to lower gas demand while declarations of force majeure by Indian LNG buyers mean deferred cargoes are likely to land on European shores.
What’s next? With the lockdowns likely to endure for weeks if not months, the bearish sentiment is not expected to lift, especially as maintenance work on gas fields and pipelines offshore Norway has been largely shelved on coronavirus fears. That means a …read more
Source:: Zero Hedge