Wow Coal Price Increase Today

Wow Coal Price Increase Today

At the end of trading Thursday early morning (6/02), the Rotterdam coal pricesstrengthened, helped strengthening the price of crude oil.

U.S. crude oil prices rose significantly at the close of trade Thursday on Wednesday(18/02), after an unexpected decline in inventories of crude oil. The crude oil inventory was down 3.3 million barrels in the week to February 12, be 499,100,000, compared with analyst expectations for a rise in 3.9 million barrels. Crude oil inventories at Cushing, Oklahoma, delivery point, down 175,000 barrels, the API said.

Crude oil futures prices have rebounded from the lowest level in a dozen years,surged after Iran voiced support for holding the supply on the market that isoversupplied, following Saudi Arabia and Russia. Iran's oil Minister Bijan Zanganehmet colleagues from Venezuela, Iraq and Qatar in Tehran for more than two hoursWednesday, saying the proposed decrease in production should be a first step towards stabilizing the market.

The price of crude oil WTI March contract rose 5.58 percent or $ 1.62, at $ 30.66 a barrel. While the price of Brent crude oil rose $ 2.70, or 8.39%, at $ 34.88 per barrel.

Coal prices managed to follow the positive sentiment that occurred in the crude oilmarket. As alternative fuel price hike of crude oil gave a boost to the price of coaldirect futures.

At the end of trading futures Rotterdam coal price for the most active contract that is a contract April 2016 position 42.50 dollars per tonne. The commodity prices experienced a strengthening of the dollar or the equivalent of 0.75 1.80 per cent compared to the previous closing trade positions.

Meanwhile the price of coal contracts SGX IHS McCloskey English Sub-Bit FOB Index Futures in February 2016 today traded at position 36.50 dollars per tonne.

Forexchair estimates that the price movements of futures Rotterdam coal on the nexttrade potentially strengthened, with the potential to increase crude oil supportedexpectations of a deal cutting production of OPEC countries and non-OPEC. However, if the crude oil inventories data downloads later tonight on the rise, oil prices will go down and hit also the price of coal.

Coal futures price could potentially test the Support level in the position and Support the two dollar 42.00 in level 41.50 dollars. While the Resistance level will be tested if there is no price increase on the position of the dollar and 43.50 43.00 dollars.