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Benchmark coal prices in Asia surged to the highest in almost two years following a government announcement from Indonesia concerning control of commodity exports, including coal. The new rules for commodity exports would cause delays in outbound shipments of coal from Indonesia, Bloomberg noted in a report on the price news, adding the disruption comes amid climbing demand for coal amid the summer heat that drives higher electricity consumption for air-conditioning. Demand for coal has increased considerably since the start of the U.S. and Israeli…

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Regional Leaders Back Taliban Trade Ties While EU Holds the Line

Top level officials from Central and South Asia convened in Tashkent on June 4 to discuss regional trade and connectivity under a format known as the Termez Dialogue. Participants were unanimous in seeing a strategic need to weave Afghanistan into regional trade networks, but discussion on specific tactics to achieve that aim did not feature prominently at the gathering. For Central Asian states, the shortest route to a seaport runs through Afghanistan. But there are broader reasons for deepening engagement with the Taliban leadership, Bakhromjon…

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South Korea Boosts Jet Fuel Exports to Nine-Month High

South Korea’s refiners have increased processing rates and jet fuel exports as crude imports into the Asian country recover and wide open arbitrage encourages shipments to the U.S. West Coast, analysts have told Reuters. South Korea likely shipped the highest volumes of jet fuel in May since August last year, according to data Reuters has compiled from trade sources and energy flow tracking firms including Vortexa and Kpler. Last month, South Korea exported between 8.67 million barrels to 9.46 million barrels of jet fuel, a major rebound…

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Oil Prices Dip as Israel-Lebanon Ceasefire Revives Iran Deal Hopes

Oil prices were under pressure in early Asian trade on Thursday following the announcement of a ceasefire agreement between Israel and Lebanon. The agreement could ultimately help clear the way for a broader U.S.-Iran deal, which would eventually see the Strait of Hormuz reopen and provide some relief for an increasingly tight oil market. At the time of writing, Brent crude was trading at $96.60 per barrel, down 1.24% on the session, while West Texas Intermediate was down 1.10% at $94.96. The latest pullback follows a sharp rally at the start of…

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South Korea Locks In Canadian Crude, LNG in Sweeping Supply Overhaul

South Korea will triple its crude imports from Canada this year and boost LNG purchases from Canadian export projects in the coming years as the Asian economy looks to diversify energy supply amid the massive oil and gas supply shock in the Middle East. Canada and South Korea on Tuesday agreed to expand their commercial relationship in energy and natural resources during a meeting in Ottawa between Canada’s Minister of Energy and Natural Resources, Tim Hodgson, and Kang Hoon-Sik, the Republic of Korea’s Chief of Staff to the President…

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Oil Prices Climb as U.S. Strikes Tanker and Downs Iranian Drones

Oil prices rose in early Asian trade on Wednesday after yet another escalation in the Middle East, with Iran firing missiles at Kuwait and Bahrain, and the U.S. firing on and disabling an oil tanker heading toward Iran. At the time of writing, Brent front-month futures had climbed 1.09% to trade at $97.05 per barrel, while West Texas Intermediate had risen 1.19% to $94.88 per barrel. Both benchmarks are trading near one-week highs after posting strong gains in the previous session. According to U.S. Central Command (CENTCOM), Iran fired two missiles…

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Why India’s LNG Buying Surges Despite Costly Gas

India’s LNG imports are rising amid one of the most expensive Asian gas markets in years, defying the regional pattern of demand destruction that has pushed other buyers toward coal, nuclear and energy conservation. After Qatar shut down natural gas production on March 2 and the Strait of Hormuz closed almost simultaneously, Asia lost roughly 5.5 million-6 million tonnes of LNG supply a month, equivalent to almost a quarter of regional pre-crisis export flows. Asian LNG imports fell to 18.8 million tonnes in April, the lowest since 2020,…

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Russia's $16 Billion Nuclear Deal With Kazakhstan Lacks One Critical Detail

When can a deal involving Russia be considered as done? When it comes to Russia’s agreement to build Kazakhstan’s first nuclear power plant, it is hard to determine. Kazakh officials announced almost a year ago that Russia’s nuclear energy entity, Rosatom, would build Kazakhstan’s first nuclear plant on the shores of Lake Balkhash. Yet on May 28, Russian leader Vladimir Putin, on a state visit to the Central Asian country, signed an agreement covering the “basic principles and conditions of…

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Oil Prices Rise as Israel Expands Lebanon Offensive

Oil prices climbed in early Asian trading on Monday as Israeli troops moved further into Lebanon over the weekend, adding fuel to fears that the broader Middle East conflict is moving toward escalation rather than a peace deal. At the time of writing, West Texas Intermediate crude was up 2.88% at $89.88 per barrel, while Brent crude had risen 2.43% to trade at $93.33 per barrel. The latest escalation in the regional conflict came after Israeli troops crossed the Litani River, having declared all areas south of the Zahrani River a combat zone.…

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Philippines Receives First Iranian Crude Cargo Since Hormuz Blockade

The Philippines has received its first cargo of Iranian crude, Reuters reported on Friday, citing tanker-tracking data from Kpler and Vortexa. A Suezmax vessel capable of carrying up to 1 million barrels of crude that departed from Iran's Kharg Island in late March made a ship-to-ship transfer offshore Singapore onto another tanker, which delivered the oil to the Bataan refinery in the Philippines in the middle of May, according to the data. The delivery was the first Iranian cargo to the Philippines, which is one of the Asian countries worst hit…

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Summer Heatwaves May Deepen the Global LNG Crunch

The global gas market, which has been reeling from the sudden loss of 20% of daily LNG supply, is poised to tighten even further in the coming months as higher-than-expected summer temperatures and the El Niño weather pattern are expected to raise gas demand in Asia. Asian and European gas prices could rally even higher if the Strait of Hormuz remains inaccessible to most LNG tankers this summer, while Asia struggles to meet cooling demand and Europe looks to refill gas storage sites that have depleted to multi-year lows at the end…

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High Freight Costs Force Asian Buyers to Cancel U.S. LPG Cargoes

The Middle East supply crunch has led to soaring freight rates to ship liquefied petroleum gas (LPG) to Asia from other regions, prompting some buyers to cancel U.S. cargoes due to the high shipping costs. Buyers have so far canceled at least two cargoes of LPG, the main cooking fuel in India and a key petrochemicals feedstock in China, which were previously slated to depart from the U.S. Gulf Coast in June, sources with knowledge of the matter told Bloomberg on Thursday. Buyers are also in discussions to cancel additional cargoes as the high freight…

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Oil Prices Jump After Fresh U.S. Strikes on Iran

Oil prices spiked once again in early Asian trade on Thursday after reports of fresh U.S. strikes on Iranian military targets reignited fears that the most recent round of peace talks could give way to further escalation. At the time of writing, WTI was trading at $90.51, up 2.06% on the session, while Brent crude had climbed 2.17% to trade at $96.34. The jump comes after both benchmarks dropped by more than 7% this week as traders became increasingly optimistic over a potential agreement that could restore traffic through the Strait of Hormuz.…

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Middle East Crisis Accelerates U.S.-Thailand LNG Supply Talks

The sudden halt of liquefied natural gas (LNG) flows from the Middle East has prompted Asian buyers to seek long-term solutions to secure supply from sources not needing the blocked Strait of Hormuz. As Qatar’s LNG shipments are under force majeure until at least mid-August and full LNG export capacity may not be restored for another five years, LNG customers are looking to sign long-term supply deals with exporters outside of conflict areas. Thailand, the top LNG importer in Southeast Asia, is now looking to boost its U.S. gas supply to…

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How U.S. Control of Venezuelan Oil Is Reshaping Asian Energy

Asian nations are scrambling to find new oil and gas suppliers as the Iran war stretches on and negotiations over the Strait of Hormuz remain murky at best. Asia, the primary purchaser of oil and gas supplies out of the Gulf, has been hit hardest by the sudden blockage of approximately one-fifth of the world's crude trade. Energy prices are soaring throughout the region, and global oil reserves are running dangerously low. As a result, Asian leaders are racing to establish new sources of energy, from accelerating home-grown clean energy infrastructure…

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Gulf Shipping Crisis Fuels New Eurasian Corridors

Donald Trump and Bibi Netanyahu deserve thanks for boosting Eurasia connectivity after their attacks on Iran resulted in the collapse of ship traffic through the Strait of Hormuz. Unfortunately, the attacks may reduce real labor incomes by as much as US$3 trillion globally by 2027, according to the International Labour Organization. The direct cost to the U.S. taxpayer for military operations is US$29 billion (so far) according to the Pentagon, and about US$35 billion in extra gas and diesel costs since the start of the war, according to…

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Oil Prices Jump After U.S. Strikes Iranian Missile Sites

Oil prices spiked in early Asian trade on Tuesday, after the U.S. military launched strikes on targets in southern Iran, reigniting fears of military action just a day after prices had dropped dramatically on promises of a peace deal. At the time of writing, Brent futures had climbed to $98.39 per barrel, up 2.34% on the session after plunging 7% on Monday. WTI futures also climbed, but, as there was no settlement on Memorial Day, they remained 4.98% down from the start of the week at $91.79. U.S. Central Command confirmed the strikes on Iranian…

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Asia's Energy Crisis Is Pushing Singapore Toward Nuclear

Next year, the United Nations will assess whether Singapore is ready to produce nuclear energy. The International Atomic Energy Agency will begin its review in 2027 in order to determine whether Singapore can make an “informed decision” on potentially deploying next-gen nuclear power as a part of its energy portfolio in coming years. The move comes at a time of enhanced international interest in nuclear power as a baseload clean energy alternative, as well as extreme turmoil in Asian energy markets as a result of the war in Iran and…

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Rubio Plays Down Imminent U.S.-Iran Deal

The U.S. will deal with Iran “another way” if it does not reach a good deal with the Islamic Republic, U.S. Secretary of State Marco Rubio said on Monday, playing down hopes that an agreement is imminent. Following signals from Washington during the weekend that the U.S. and Iran could be nearing a framework agreement, oil prices plunged on Monday in Asian trade, with Brent Crude prices slipping below the $100 per barrel mark. However, losses were being contained at about 3-4% in the morning in Europe as the market hopes for a deal…

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Oil Prices Plunge Below $100 on Iran Deal Optimism

Oil prices plunged in early Asian trade on Monday following reports over the weekend that a deal to reopen the Strait of Hormuz was in its final stages. At the time of writing, both oil benchmarks had fallen by more than 5%, with Brent breaking back below $100 to trade at $98.27, while WTI fell to $91.63. Optimism around a deal was tempered somewhat on Sunday when President Trump posted on social media that he had informed his representatives "not to rush into a deal". A senior U.S. administration official then added that, while progress had been…

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