{"id":13549,"date":"2012-08-16T02:47:12","date_gmt":"2012-08-16T00:47:12","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/euro-coal-colombia-rail-strike-ruling-trims-prices-by-2t\/"},"modified":"2012-08-16T02:47:12","modified_gmt":"2012-08-16T00:47:12","slug":"euro-coal-colombia-rail-strike-ruling-trims-prices-by-2t","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/euro-coal-colombia-rail-strike-ruling-trims-prices-by-2t\/","title":{"rendered":"Euro Coal-Colombia rail strike ruling trims prices by $2\/T"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">LONDON<\/span> Aug 15 (Reuters) &#8211; Prompt thermal coal prices<br \/>\ndropped by over $2 a tonne on Wednesday in expectation that<br \/>\nColombian coal exports would return to normal now that a rail<br \/>\nstrike which triggered force majeures clauses has been declared<br \/>\nillegal.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>European utilities and traders said demand remained subdued<br \/>\nin Europe and much of Asia, and until buying picks up in<br \/>\nSeptember, prices are likely to come under renewed downward<br \/>\npressure, they said.<\/p>\n<p><span><\/span><\/p>\n<p>Prices fell to $93.50-$94 per tonne.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;I think next year, maybe even later this year, we&#8217;ll see a<br \/>\nslightly more balanced market, less oversupply so we should see<br \/>\nprices back at $100,&#8221; one European utility source said.<\/p>\n<p><span><\/span><\/p>\n<p>Oil extended Tuesday&#8217;s gains and was heading for a<br \/>\nthree-month closing high, supported by hopes that policymakers<br \/>\nin Europe and elsewhere will take further measures to stimulate<br \/>\neconomic growth. But European power prices weakened.<\/p>\n<p><span><\/span><\/p>\n<p>Coal, which often but not always tracks oil price movements,<br \/>\nhas been driven more by sentiment than fundamentals or shifts<br \/>\nelsewhere in the energy markets during the past month, traders<br \/>\nand utilities said.<\/p>\n<p><span><\/span><\/p>\n<p>The Colombian rail and mine workers&#8217; 27-day strike had more<br \/>\nimpact on sentiment, encouraging a cautious bullishness, than on<br \/>\nphysical supply, they said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Prices rose to over $96 on sentiment only when the strikes<br \/>\ncaused force majeures &#8211; there is still too much coal and limited<br \/>\ndemand &#8211; so I was not surprised to see it fall today,&#8221; a second<br \/>\nutility source said.<\/p>\n<p><span><\/span><\/p>\n<p>Force majeure is a clause provided for in contracts which<br \/>\ncan release either counterparty from their commitments due to<br \/>\nforces beyond their control.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON Aug 15 (Reuters) &#8211; Prompt thermal coal prices dropped by over $2 a tonne on Wednesday in expectation that Colombian coal exports would return to normal now that a rail strike which triggered force majeures clauses has been declared illegal. European utilities and traders said demand remained subdued in Europe and much of Asia, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-13549","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=13549"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/13549\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=13549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=13549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=13549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}