20th March 2025
*Coal*
API2 and NEWC prices softened today, partially reversing yesterday’s gains as weakness in the physical Newcastle market continued to pressure swaps. European gas prices remained rangebound, with the front-month contract down 1.5%, adding further downward pressure on API2 swaps.
*Brent Crude*
Oil prices edged higher Thursday as traders weighed rising U.S. crude inventories against falling gasoline stockpiles and persistent geopolitical risks. Israel’s breach of a ceasefire with Hamas and U.S. strikes on Yemen’s Houthi militants kept attention on Persian Gulf supply risks, while Russia and Ukraine remained at war despite U.S. ceasefire efforts. At 15:54 GMT, Brent crude was up 1.62% at $71.46 for April settlement, while WTI gained 1.57% to $67.96.
*Dutch TTF Gas*
European gas markets enter the restocking phase with storage injections lagging past years due to high winter demand. ANZ Research warns that storage levels resemble those seen during the 2021–22 energy crisis. Russia agreed to pause attacks on Ukraine’s energy infrastructure for 30 days but rejected a broader ceasefire. Investment funds reversed recent selling, adding 1 TWh in the past week, bringing net long positions to 127.6 TWh. At 16:00 GMT, Dutch TTF gas traded at €42.93, down 2.31%.
*Iron Ore*
Iron ore futures hit new lows in early trade before a modest afternoon rebound. The most-traded I2505 contract closed at 762 yuan, down 0.46%. Traders sold cautiously, while steel mills maintained moderate buying interest. This week’s steel sector data showed rising demand for major steel products and declining inventories, particularly for rebar, supporting prices. However, concerns over market headwinds suggest iron ore may struggle to gain momentum short-term. SGX 62% Fe TSI iron ore fines fell 0.65% to $99.85 for April.
*Copper*
Copper prices have surged 13% in 2025, driven by U.S. tariff threats that sparked a rush of imports, tightening global supplies. President Trump’s investigation into copper imports has traders front-loading shipments ahead of expected levies later this year. The U.S. imported 850,000 tons of copper in 2024, covering about 50% of domestic consumption. Copper prices remain well-supported in the near term, though LME 3-month futures slipped 0.52% to $9,938 in the PM session.
