Chinese coal prices hit two-year highs on increased power demand, lower output from hydropower plants. Carbon continues to be resilient, rising on Friday, despite drop in German baseload power contract.
Worries over health of US economy cause WTI to retreat to fell below US$100/bbl. Other energy commodities also trading lower. Potential for further losses, given that traders are still awaiting release of non-farm payrolls data.
US natural gas down on higher nuclear output. EU and UN carbon hit by lower coal and german power prices.
API reports 3.2mbbl build in US crude inventories. Natural gas prices edge down on forecasts for moderate temperatures. Carbon retreats from two-year high.
Natural gas continues to advance as heat wave in Southern US increases demand for air-conditioning. Thermal coal prices in China rise as port inventories drop and utilities seek to restock ahead of summer heat.
UK’s national grid expects country to be well supplied over the coming summer months. Carbon prices advance on higher oil prices and more positive sentiment.
Centre for Global Energy Studies points finger at fundamentals instead of speculation as the main factor behind the run-up in oil prices, warns of demand destruction. Russia looking to boost coal exports to 170Mta by 2030.
Natural gas prices to benefit from Qatar’s decision to send 60 cargos of LNG to Japan. China ups electricity prices for coal-fired generation. Oil prices falling on demand worries, calm Nigerian elections.
Crude up on lower dollar, refinery outage. Bank of America Merrill Lynch warns that Brent crude could hit US$160/bbl in 2012.
EU proposes CO2 tax on fuels for sectors outside of the EU ETS. TEPCO LNG imports in March hit record. Richard Bay FOB thermal coal trading at US$2/t premium to FOB Newcastle.
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