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Parts of Europe are Cold, Coal Prices Soar 10%

Parts of Europe are Cold, Coal Prices Soar 10%

Medan, Andrianus.my.id - The price of coal immediately hit the gas at the beginning of the week. On Monday's trade (21/11/2022), the December contract coal price on the ICE Newcastle market was recorded at US$ 349.35 per ton. The price jumped 3.66%.

Yesterday's strengthening extended the positive performance of coal which has been creeping up since last Thursday. In the last three trading days, coal prices have shot up 10.5%.

Within a week, coal prices jumped 13.1% point to point . The price of black sand has fallen 10.4% a month but is still rising 107.7% a year.

The price gains for black sand are supported by projections of cooler temperatures in Europe at the end of November and fears of supply shortages due to demonstrations in Colombia.

Colder temperatures are likely to hit England, Finland, Sweden, northern Germany and Poland this week. However, in the next 6-10 days, temperatures in some parts of Europe such as Scandinavia and northeastern Europe will be warmer.

Parts of Europe are Cold, Coal Prices Soar 10%

The projected cooler temperatures have also sent European natural gas prices creeping up. EU Dutch TTF (EUR) natural gas prices rose 0.54% a day in yesterday's trading to 116.13 euros per megawatt-hour (MWh).

With cooler temperatures, the demand for electricity for space heating is expected to increase and energy demand will also increase.

The increase in coal prices was also supported by supply problems in Colombia. Reuters reported groups of workers blocking rail lines at the export facility and near the mining centre.

The blockade occurred near the door of the La Guajira mine which is one of the main points of Colombian coal production. Last year, the mining center in the region produced 23.4 million coal.

The blockade was triggered by the desire of workers to demand his reinstatement after being laid off 20 months ago.  Colombia is among the top seven coal exporters in the world with exports reaching 54.3 million tonnes in 2021.

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