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Euro Coal-Prices fall with oil, gas markets
LONDON, April 4 |
LONDON, April 4 (Reuters) - European physical coal prices fell along with other energy markets on Wednesday, but coal's slide also reflected its oversupply and poor demand in Europe.
Benchmark Brent crude oil fell below $123 a barrel, and benchmark UK gas prices dropped to a four-week low as poor demand in Europe and healthy U.S. oil stocks sapped buying interest.
Additionally, the coal market remains oversupplied as exports from key suppliers along the Atlantic basin have been rising while European demand is low and stocks are healthy.
As a result, Bank of America Merrill Lynch (BoAML) on Wednesday lowered its 2012 thermal coal price outlook, while keeping in place its expectations for 2013 prices.
A May South African cargo was bought for $103 a tonne, according to GLOBALcoal, down around $1 on the previous day.
A May DES ARA cargo saw a bid/offer range of $95 to $103 a tonne, and the spread on a June cargo was at $97 to $98.60, down around 80 cents on the day. (Reporting by Henning Gloystein; editing by James Jukwey)
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