Freezing weather in Asia sends energy prices soaring, catching markets off guard

Chinese icebreaker

H/T The GWPF

Had those markets fallen into a computer-modelled global warming stupor? If so, real world weather has brought a rude awakening, requiring urgent actions to get the means of heating to millions of shivering people.
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China’s coldest winter in decades meant state-owned energy giant Sinopec was desperate to unload heating fuel from a vessel headed to a northern port, yet freezing temperatures that have swept parts of Asia froze a thick sheet of ice and blocked access, says Bloomberg.

With the help of an icebreaker ship and a cannon loaded with hot water, workers spent 20 hours clearing a pathway for the tanker to dock and discharge its cargo of liquefied natural gas in Tianjin.

The effort underscores how frigid temperatures have upended energy markets across Asia, catching some companies flat-footed and sending prices for electricity, fuel and vessels to record highs.

And with temperatures showing no signs of easing in key markets in Japan, China and South Korea, it could be weeks before any return to normality.

“This winter has definitely caught the market off-guard,” said Henning Gloystein, a director at Eurasia Group. “My hunch is that this spike will end with springtime.”

Continued here.