Global energy prices smashed

Wednesday, 10 November 2021

It’s being led by China where thermal coal prices re-entered free fall yesterday:

Significantly, this is happening despite the NDRC trying to slow it down which tells us that the market is capitulating. Seaborne thermal rolled and will catch up in due course:

Coking coal appears to be breaking down as well. I have never seen a commodity market more mispriced than this right now:

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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.