Energy Commodities: 12/07/10
Crude drops on profit taking, US natural gas rig count up, Indian coal imports down, carbon markets see modest recovery.
Crude drops on profit taking, US natural gas rig count up, Indian coal imports down, carbon markets see modest recovery.
Crude pushed up on inventory data, stronger Euro and equities, US natural gas dips on storage build, Chinese coal import demand still going strong, EUAs drop after UK auction.
Crude rebounds on equities, currency movements, natural gas prices decline due to high inventories, EUAs sink to six week low on cheaper natural gas.
Crude falls back after mild recovery due to stronger US dollar, Northeast US, sees soaring natural gas and power prices due to searing temperatures, Xstrata to sell coal to TEPCO at AUD103/t, EUAs drop back on unsupportive energy complex.
Crude dragged down by US employment data, currently making slight recovery, UK gas prices rise on limited supply, generators unlikely to switch to coal in winter due to LCPD, EUAs book marginal gains.
Crude sheds 8.5 per cent over the course of the previous week, sentiment mixed regarding future outlook, Eskom smooths over threat of strike action with pay settlement.
Crude oil hit by manufacturing data, natural gas buoyed up on smaller than expected injection into storage, US power utilities moving back to coal, on high gas prices and large coal inventories, China expected to import 200mst of coal in 2015.
Crude falls again, despite US inventory drawdown, natural gas futures up on warm weather forecasts, EU and South African coal markets see little direction, EUAs up thanks to better outlook for Europe’s banks.
Weakening US consumer confidence, EU liquidity and fears of double-dip recession weigh down energy complex. US coal producers look to China, queues at the port of Newcastle hit three year high.
Crude falls as storm fears recede, South Korean coal imports down, US coal burn up.
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