COAL: Global Coal Demand Hits High in 2024, EU Drops 12% on Year
Global coal demand is set to reach an all-time high of 8.77 bn/t in 2024, driven largely by power generation in China and India. However, growth has slowed significantly, and global demand is projected to plateau through 2027, the IEA said today.
- EU coal demand is on track to drop by 12% the year in 2024, however, slowing from a 23% fall in 2023.
- Combined EU and US coal uses is expected to be less than half of India’s - at 1.3 bn/t in 2024 – by 2025.
- The UK also closed its last coal power plant this year.
- Global demand is anticipated to plateau at 8.87 bn/t in 2027as emerging economies offset declines in advanced nations.
- Traded volumes of coal are expected at 1.55 bn/t in 2024, with new records across categories like seaborne thermal coal and metallurgical coal.
However, looking ahead, thermal coal trade to see the largest drop through 2027, with more of a shift to towards Asia as European demand collapses.
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EURIBOR: EURIBOR FIX - 18/11/24
EURIBOR FIX - EMMI/Bloomberg
- EUR001W 3.1730 0.0010
- EUR001M 3.0430 -0.0190
- EUR003M 3.0040 0.0060
- EUR006M 2.7350 -0.0130
- EUR012M 2.4320 -0.0430
BONDS: Schatz and Euribor are extending losses
- BTP is sold in 2k, after Schatz and the short end Euribor are still leading futures lower, ERM5 is sold in over 5k.
- Next immediate support in the Schatz is at 106.69, while further downside momentum will open back to 106.625.
COMMODITIES: Bearish Theme in WTI Futures Remains Intact, Attention on $65.99
A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. For bulls, a clear reversal to the upside would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.88, the Nov 7 high. The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows. The breach of the EMAs signals scope for a deeper retracement and sights are on $2511.1 next, the Sep 18 low. Firm resistance is seen at $2657.6, the 20-day EMA.
- WTI Crude up $0.25 or +0.37% at $67.28
- Natural Gas up $0.08 or +2.9% at $2.904
- Gold spot up $32.45 or +1.27% at $2595.64
- Copper up $2.3 or +0.56% at $413.05
- Silver up $0.47 or +1.57% at $30.7465
- Platinum up $15.29 or +1.62% at $957.48
