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S&P Global Commodity Insights: Distressed Russian cargoes may do little to ease Asia's pain from high prices

S&P Global Commodity Insights: Distressed Russian cargoes may do little to ease Asia's pain from high prices
  • Asia's run rates and oil demand will come under pressure in coming months on the back of high oil prices and tight feedstock availability, and the swelling availability of spot Russian cargoes shunned by buyers elsewhere may do little to ease Asia's pain, speakers at the S&P Global Commodity Insights Asian Refining and Petrochemicals Summit said.
  • In addition, higher energy prices are already adding to the headache of policymakers in Asia due to rising inflation and its potential impact on prices of food and agricultural commodities, the delegates said.
  • Benchmark Platts Dated Brent was trading at $107.955/b in early Asian trade March 16, down from a 14-year high of $137.65/b on March 8.
  • Moreover, the discount for a Suezmax cargo of Urals against Dated Brent hit a record high of $33.36 on an FOB Novorossiisk basis March 15, S&P Global Commodity Insights' Platts assessment showed.
  • S&P Global Commodity Insights expects Asia's oil demand to grow by 1.4 million b/d for 2022. "However, we expect downward adjustment as recovery faces headwinds amid rising fuel prices and the disruption of international aviation caused by the Russia-Ukraine conflict," said Lim Jit Yang, advisor for oil markets at S&P Global Commodity Insights.

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