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Can OPEC+ Keep Oil Prices Above $90?

Brent crude held above $90 per barrel at the beginning of the week after OPEC+ announced a tiny, symbolic output cut.
- Coal prices across all continents have soared to all-time highs this week, almost triple of what it was a year ago, as uncertainty over gas flows in Europe and stagnant LNG volumes favor “king coal”.
- Asia’s benchmark contract, the ICE Newcastle futures, jumped to $463.75 per metric ton on Monday, whilst spot physical coal loaded in Australia was priced only a $30/mt lower.
- Oddly enough, the coal price rally might still see further upside as La Nina weather events might impact the supply side, especially with rainfall-driven weather disruptions in Australia.
- In Europe, the rebound in gas prices triggered by Gazprom’s halting of Nord Stream-1 flows, with front-month spot prices around $75/mmBtu, has pushed the 2023 yearly API2 coal contract to $340/mt.
Oilprice
Sep 12, 2022 10:05
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