Coal crash begets metals crash

Wednesday, 3 November 2021

Not a lot of news for energy prices today but prices kept falling for thermal coal yesterday and markets are now pricing my sub-$100 target for 2022:

However, seaborne coking coal is still sticky. I expect it will crash in due course as Chinese EAF output is restored:

Global gas prices lifted yesterday on no news I could see so let’s put it down to technicals. JKM was up:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.