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Malaysian Oil Stocks Sufficient to Get Through At Least End-July, Minister Says

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Malaysia's Economy Minister Akmal Nasir said on Monday that the country has sufficient stocks of crude oil to last at least until the end of July, according to an economic update posted on YouTube.

"M10 was informed earlier that Petronas now guarantees that the country's oil supply stocks are sufficient until the end of July 2026," he said, according to auto-translated YouTube captions.

Regarding liquefied natural gas, he said prices, not stating where, had risen 6.7% based on the Japan-Korea Marker, or JKM, to $19.00 up from $17.86 per million British thermal units due to regional demand pressure amid disrupted supplies linked to the closure of the Strait of Hormuz.

"Last time we remained high above the 100 US dollar per barrel, this has increased transportation costs and the price of these goods reflects the global energy which is still uncertain due to geopolitical risks," he said.

Coal, which he described as "the lifeblood" of Malaysia's electricity supply, has risen in price 0.7% to $132.29 per semi-metric ton, he said without stating a period for any of the price movements.

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82 Reportedly Killed in Coal Mine Explosion in China's Shanxi Province

At least 82 people were killed following a gas explosion in a coal mine in Qinyuan County in China's Shanxi province on Friday, according to multiple media reports.The incident at the Liushenyu coal mine occurred Friday evening, when 247 people were working underground, according to media reports, citing a statement from the Qinyuan County Emergency Management Bureau.About 128 people were injured and getting treatment, while two others remained missing following the explosion in China's worst mine disaster in 17 years, according to a Reuters report on Saturday, citing local authorities.Initial media reports had pegged the number of casualties at at least 90, a figure which was later revised lower, the report said.The coal mine is operated by the Shanxi Tongzhou Coal Coking Group. All four mines owned by the group have been closed, while its executives have been detained, local official said at a news conference on Saturday, according to the report.On Saturday, President Xi Jinping ordered an investigation into the incident and directed the authorities to "spare no effort" in treatment for the victims and towards search and rescue efforts.The Qinyuan County Emergency Management and the Shanxi Tongzhou Coal Coking Group could not be reached for a comment.

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Hindustan Organic Chemicals to Temporarily Shut Phenol Plant

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Update: Market Chatter: Europe to Face 'Critical' Natual Gas Shortfall if Hormuz Disruptions Persist, Equinor Says

(Updates with Equinor statement from paragraphs 7 to 9.)Senior executives at Norwegian energy company Equinor (EQNR) believe Europe could be staring at a 'critical' shortage of gas inventories if shipping traffic from the vital Strait of Hormuz conduit remains disrupted for one to three months from now, according to a Reuters report on Thursday.European Union targets require member states to ensure gas storage reserves are at least 90% full before the onset of winter. To meet these targets, members need to increase their gas reserves during the northern hemisphere summer but lower supplies and distorted prices are slowing down efforts to build up reserves, the report said.According to Gas Infrastructure Europe, EU gas storage levels remained below 37%, standing at 36.87% of capacity compared with 45.16% a year earlier.While building up inventories for the next winter already appeared difficult in early March, there has been little progress since with winter gas prices curreltly lower than summer prices, the report said.Equinor Senior Vice President for Gas & Power Trading Helle Ostergaard Kristiansen told Reuters that if the war stopped immediately and free flow through the Strait resumed quickly, storage levels could reach an acceptable, though tight, 75%. However, if the closure continued for one to three months, the situation could become critical, Kristiansen said.According to Equinor Vice President for Gas Trading, Peder Bjorland, the market could likely correct the situation on its own through price signals. Higher gas prices could reduce gas use by encouraging a shift to coal, greater use of renewable energy, and lower fuel demand from industries, which could help restore balance in the market, he added.In a statement shared with, Equinor said it expected the risks to increase, with much depending on when the Iran war will end with flows expected to take some time to normalize after that.Europe's dependence on mild weather and strong renewable energy production is increasing and the situation is expected to get more challenging, the longer the continent waits to refill storage, the statement said."Forward prices are still lower than spot levels, meaning there are currently no commercial incentives to start filling the storages," the statement added. "If individual countries introduce strict storage requirements now, there is a risk that European countries will bid against each other to meet targets, thereby pushing prices even higher."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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