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ShreeMetalPrices: World Scrambles for Energy as the Global Coal Prices Soar to a Record High

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Global coal prices have risen to a record high as the global energy crisis has buyers scrambling for fuel. In the dataset going back to 2008.

According to expert reports, the spot price of coal shipped in Newcastle also hit a record, three times higher than a year ago. Meanwhile, European coal prices are trading at or near an all-time high of . .Rotterdam coal, due for delivery next month, has risen sharply in recent weeks as Russia cut power supplies to Europe, although it remains below its March highs.

Since March, First-month futures have averaged $305 this year, compared to $62 in 2019. Meanwhile, coal for delivery to Rotterdam next year has risen to a record high. Coal, the most polluting of all the major fossil fuels, experienced something of a renaissance in  when oil and natural gas prices soared in the wake of the Russian invasion of Ukraine.

The International Energy Agency said in July that global coal consumption will rise in 2022 to a record level last seen a decade ago. Research by Greenpeace showed in July that China is speeding up approvals for new coal-fired power plants. Ole Hansen, chief commodity strategist at Saxo Bank, said the possibility of Europe having to increase its energy imports from Australia could boost coal in the  country. He also said supplies will likely  run out by 2023.“Britain is already importing LNG from Australia,” said Hansen. “Anticipating such a scenario, this could explain why Australia’s coal price is trading at a record high along with  futures price.” Russia said it would not resume natural gas flow through the Nord Stream 1 pipeline to Germany on Friday evening, sending gas futures up as much as 36% on Monday.

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