More deflation yesterday in global energy markets and it can’t come soon enough. Thermal coal led the way:
Coking coal bucked the trend:
JKM sagged as well:
Along with European gas:
It’s still about Putin:
The resumption of Russian gas flows “have calmed traders’ nerves and prices after a week of volatility,“ said Emily McClain, senior gas markets analyst at Rystad Energy. “Price risks are skewed to the upside if volumes from Russia turn out to be inconsistent. However, this risk may be limited if additional volumes indeed materialize.”
Finally, this energy shock has been huge in Chinese production, the headwaters of global inflation. Coal inflation is above 100% year on year and has flowed into everything it touches:
Metals should keep falling as it passes and tip into processed goods in due course.
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.
- Fed still hawkish - August 19, 2022
- Gas cartel plays dead - August 19, 2022
- ScoMo finally unites Australia. Against himself - August 19, 2022
YOU MAY ALSO BE INTERESTED IN
Gas cartel plays dead
The gas price is hanging around $19Gj again today
Gas cartel eaten by coal cartel
It's cold comfort for punters being reamed by the
Time Albo's cowards visit Taiwan
The US is pushing forward on multiple
Daily iron ore price update (puke)
The ferrous complex puked on August 17,