Europe Gas, Coal Prices Jump on Ukraine Crash

Posted by Eric Haun
Thursday, July 17, 2014

European gas and coal prices jumped on Thursday after a Malaysian Airlines passenger jet crashed over eastern Ukraine, as traders feared a sharper deterioration of relations with major energy producer Russia.

"The whole energy complex just went. There's a general fear of a massive escalation," said one trader.

Wholesale gas prices in Britain, Europe's largest market, leapt nearly five percent.

Gas for delivery on Friday and this coming winter both closed 4.9 percent higher to 38.70 and 59.50 pence per therm respectively.

"The market may be speculating on an escalation of Ukrainian-Russian tensions," said Paolo Coghe, an energy analyst with French investment bank Societe Generale.

A Malaysian airliner was shot down over eastern Ukraine by pro-Russian militants on Thursday, killing all 295 people aboard, a Ukrainian interior ministry official said.

Raising the stakes in the East-West showdown between Kiev and Moscow, the official blamed "terrorists" using a ground-to-air missile, while Ukraine separatist leader Aleksander Borodai blamed Ukrainian government forces.

Russia is the biggest oil, gas, uranium and coal importer to the EU, according to the European Commission.

European coal for delivery in the fourth quarter gained 50 cents to close at 75.25/tonne. Carbon prices surged to a four-month high of 6.24 euros/tonne after news of the crash broke.

On electricity markets, German calendar 2015 baseload power ended up 1.2 percent at a session high of 35.05 euros/megawatt-hour.

(Reporting by Michael Szabo; additional reporting by Nina Chestney; Editing by William Hardy)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

Energy

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

News

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1924 sec (5 req/sec)