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Cold Snap Prompts Fuel Oil Frenzy in Power-Starved Asia
Bloomberg
1/14/2021
Tsuyoshi Inajima, Ann Koh, Elizabeth Low and Serene Cheong
© Photographer: STR/JIJI PRESS/AFP/Getty Images
People walk on the snow-covered Nanzoin buddhist temple towards the bronze statue of reclining Buddha in Sasaguri town, Fukuoka prefecture on January 8, 2021.
(Bloomberg) Asian utilities are snapping up prompt supplies of fuel oil an emergency backstop for natural gas as power demand surges across the region due to a winter freeze.
Power generators in Japan such as Tohoku Electric Power Co. recently bought several cargoes of low-sulfur fuel oil for the purpose of direct burning, said traders who asked not to be identified. These supplies can be used in oil-fired power plants, which are typically left in an idled state and utilized only when gas-fed facilities have been maximized. ....

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