EAST ASIA WINTER OUTLOOK

Based on seasonal forecast model outputs: East China, Korea and Japan are heading towards a cold, or at least, normal winter:

Dec-Feb 2012 seasonal forecast outputs from several models (Japanese, CFS US, GSM US,Chinese, IRI)

Using analogue years and expecting a slight to moderate Niña along the winter months:

Therefore, we expect a cooler than normal winter in NE China and a normal to slightly cold winter in Korea and Japan.

This is especially bullish coal; bullish LNG and oil.