Sunday, 14 Aug 2011
Bloomberg reported that European coal rose for a third day on speculation demand may strengthen because the fuel is a cheaper alternative to natural gas.
Mr Mark Pervan an analyst at Australia & New Zealand banking Group Ltd said thermal coal burned to make electricity climbed 65 cents or 0.5% to USD 127 per ton on course for the highest close since August 3. Coal appears to be relatively cheap compared to gas power.
Natural gas futures for September delivery slipped 0.2% to USD 4.101 for a million British thermal units on the New York Mercantile Exchange. Prices recently rose the most since July 15 after a government report showed a smaller-than-forecast gain in U.S. inventories.
Barclays Capital said European coal prices are also supported by regional restocking demand.
(Sourced from Bloomberg)
Bloomberg reported that European coal rose for a third day on speculation demand may strengthen because the fuel is a cheaper alternative to natural gas.
Mr Mark Pervan an analyst at Australia & New Zealand banking Group Ltd said thermal coal burned to make electricity climbed 65 cents or 0.5% to USD 127 per ton on course for the highest close since August 3. Coal appears to be relatively cheap compared to gas power.
Natural gas futures for September delivery slipped 0.2% to USD 4.101 for a million British thermal units on the New York Mercantile Exchange. Prices recently rose the most since July 15 after a government report showed a smaller-than-forecast gain in U.S. inventories.
Barclays Capital said European coal prices are also supported by regional restocking demand.
(Sourced from Bloomberg)
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