From Platts' Commodity Tracker: 5 charts to watch this week:
Demand destruction from the coronavirus outbreak will be top
of mind for power and gas traders this week, while the ripples in the
oil market are being felt in Saudi Arabia and Vietnam, albeit in
different ways. The iron ore market, which is faring better, rounds out
this week’s pick of commodity charts by S&P Global Platts news
editors
2. …and US sees power demand decline as coronavirus pandemic spreads
What’s happening? New York City electricity loads
have been weaker year-over-year this winter so far due to milder
weather, but are now trending significantly below the recent five-year
average, indicating a virus-related slowdown, according to Manan Ahuja,
manager of North America power at Platts Analytics. These demand numbers
could slow down even further as people stay home and businesses remain
shuttered to prevent spreading the virus.
What’s next? US power system impacts from the
coronavirus pandemic are beginning to emerge, with shifting load
patterns, significant load declines in a number of areas and projections
that mild weather and business shutdowns will continue to suppress load
during the coming weeks....
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