Daily: European coal import prices prolong their downturn trend

15/01/2015 00:30 Energy Market

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Global oil prices posted their largest hike in two-and-half years on Wednesday, recovering from a nearly six-year low as traders alienated from the bearish pressures of a worldwide oversupply to cover themselves on expiring options. Brent crude boosted $2.10, or 4.5 percent, to close at $48.69 a barrel, in its strongest daily percentage gain since June 2012. The benchmark reached a low of $45.19 on Tuesday, the weakest level since March 2009, amid U.S. stocks build-up and a persistent global supply glut. WTI crude oil settled at $48.48, boosting $2.59, or 5.6 percent, the biggest gain since August 2012.

Meanwhile, European coal import prices plunged this week, prolonging a recent rout that has dragged the benchmark rate down about 25 percent to a premium versus Asian coal. Prices of coal for in February delivery at Europe's main import terminals in Amsterdam, Rotterdam and Antwerp (ARA) closed at $57.70 a tonne on Tuesday, against around $76 in mid-November. Coal prices have been crippled by ample supplies, while a mild European winter and fuel competition have sapped coal demand. European spot power prices were curbed by forecasts for strong wind power on Wednesday. Germany's contract for Thursday delivery decreased by 6.25 euros to reach 25.25 euros/MWh, while the equivalent French contract declined 3.25 euros to hit 35.50 euros/MWh.

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