Fall in the Cost of One Resource Used to Fuel Power Plants Is a Drag on the Other
A slump in prices of natural-gas futures is having a knock-on effect in the U.S. coal market.
Gas prices have fallen so far, trading Wednesday at a five-month low of less than $4 a million British thermal units, that gas-powered plants are able to capture a bigger share of the market.
That is sapping demand for coal and driving down prices of Central Appalachian coal futures. The front-month contract settled at $60.05 a ton Wednesday on the New York Mercantile Exchange, down 15% since reaching a 20-month high of $70.87 a ton Aug. 5.
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