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Golden Ten Data reported on March 5 that Asia's increasingly severe energy crisis is affecting every corner of the oil market. Suppliers ranging from marine fuel to cooking gas have begun to cut sales in response to shrinking inventories. According to informed sources, marine fuel suppliers in Singapore, the world's largest ship refueling port, have notified clients that due to reduced oil volumes from their own suppliers, they will only fulfill part of their established orders. In South Korea, petrochemical producer Yeochun NCC has declared force majeure on some of its sales due to interruptions in naphtha feedstock deliveries. India, one of the most severely affected markets, is negotiating with producers. However, since US supplies are too distant, there are almost no alternative options to fill the gap, meaning some countries may be forced to implement some form of rationing. Facing painful high oil and fuel prices, Bangladesh is already preparing to reduce supply at gas stations and has asked citizens to avoid unnecessary private travel.

Golden Ten Data reported on March 5 that in the foreign exchange market, which sees a daily trading volume of $9.5 trillion, the Canadian dollar has become the preferred currency, thanks to its close correlation with oil prices amid the ongoing Middle East war. This week, most major currencies have fallen against the US dollar due to the US-Iran conflict, while the Canadian dollar has withstood the turmoil sweeping the forex market. Since the attacks began last weekend, oil prices have continued to rise, providing strong support for Canada, the world’s fourth-largest oil producer. This has prompted strategists to emphasize the resilience of the Canadian dollar and call for continued bullishness in the short term. Valentin Marinov, Head of G-10 FX Research at Crédit Agricole, said in an interview: “Since the outbreak of the US-Iran conflict, the Canadian dollar has become the only major currency that has basically managed to hold its ground against the strong US dollar.”