Energy commodity report: December 8, 2010
Crude and natural gas down on profit-taking. Natural gas hit by revised EIA production forecast. EUAs and CERs drift down on weaker German Power. European coal market undergoes correction.
Crude and natural gas down on profit-taking. Natural gas hit by revised EIA production forecast. EUAs and CERs drift down on weaker German Power. European coal market undergoes correction.
Crude prices dip on China concerns, upcoming EIA report. US and UK natural gas futures rise on winter demand, as do South African coal prices. EUAs advance again on higher German power, while CERs continue to be hit by high issuance levels.
Crude closes above US$89/bbl, US natural gas falls 1.1% WoW. Australia’s Newcastle port expected to ship 95Mt of thermal coal in 2010. EUAs rise sluggishly on strong European energy complex, CERs drift down on Cancun, higher issuance.
Brent crude moves past US$90/bbl, US natural gas prices rise on cold weather forecasts despite disappointing stockdraw, coal and German power advance, while carbon prices drop despite supportive energy complex.
Oil up on job data, cold snap and increased economic optimism. Japan pays more for LNG while China moves to cap domestic coal prices. EUAs and CERs advance, but less than would be expected by fundamentals.
Oil drops on Euro worries, Chinese liquidity. Natural gas prices fall on forecasts of warmer weather. Australian coal producers push for expansion at Newscastle port. EUAs and CERs drop on lower UK natural gas prices, weaker German power.
Brent crude holding above US$87/bbl, US natural gas prices down 4.3% on profit-taking. Carbon markets hit by CDM Executive Board decision.
Oil up on Ireland bail-out, US natural gas makes gains on cold weather forecasts, Chinese coal prices rise on inventory drawn-downs and carbon prices show little change on mixed energy complex, CDM executive board ruling.
Oil up on weaker dollar, reduced Eurozone debt fears. Natural gas weakens slightly, as US inventories hit new record thanks to small injection into storage. Coal up on positive fundamentals, while carbon price rise thanks to higher German power and successful EUA auction by The Netherlands.
US inventory drawn down coupled with weaker US dollar and health Asian stock markets, provide boost to crude. NYMEX natural gas up on inventory speculation, forecasts of colder weather, prompt coal prices undergo correction. German baseload power for 2011 drops on cheaper hard coal, fails to drag down previously oversold EUAs and CERs.
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