Emerging markets continue to play key role in global energy prices

Emerging markets continue to play key role in global energy prices
Published: 15 February 2013


With a sluggish US economy where the fiscal cliff remains a major concern in 1H13 and a recession-hit Eurozone burdened by unaffordable energy import costs, it is clear that most support for global oil demand hinges on the consumption of emerging markets. The economic benefits of globalisation, urbanization and industrialization have led to major advances in productivity, positively impacting on oil demand in these parts of the world.

Unchanged from last month, seaborne thermal coal still battles with heavy physical oversupply while much-needed production cuts are delayed by a steep contango. BoAML sees thermal coal prices on a slow falling trend with average 2013 Newcastle prices forecast at US$95/t.

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