Commodity tracker: 6 charts to watch this week

S&P Global Platts editors’ pick of unfolding commodities trends. This week, bunker values at Fujairah plunge, mine overcapacity puts pressure on key battery metal lithium, and US LNG exporters face tight margins over the summer. Plus Chinese refiners’ growing taste for Saudi crude, EU CO2 prices and gas and coal profitability. 1. Fujairah bunker values plunge as Middle East risk rises   What’s happening?  Marine fuel sales in the Port of Fujairah are estimated to have dropped about 16% in the second quarter versus the first quarter, on continued tensions in the Middle East. Recent alleged tanker attacks in the region have weighed on market sentiment, industry sources have told S&P Global Platts. Fujairah is among the world’s top bunkering hubs and lies outside the Strait of Hormuz, which handles about 30% of the world’s seaborne crude. What’s next?  Singapore has witnessed an increase in demand due to a slight switch in volumes from Fujairah against a backdrop of tight supply-side fundamentals in the world’s largest bunkering port. War risk premiums in the Middle East have also risen after recent tanker attacks, contributing to weaker bunker sales in Fujairah, and the spotlight will remain on the region as geopolitical risk… continue reading

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Source: CTRM Center

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