S&P 500 — US Large Cap Index
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Thermal coal futures climbed above $150 per ton, reaching their highest level since September 2023 after Indonesia tightened export controls on commodities, a move expected to delay coal shipments from the country. The decision came amid stronger seasonal demand, with summer heat boosting electricity consumption for air conditioning. Ongoing disruptions linked to the Middle East conflict also continued to support coal prices, as the prolonged closure of the Strait of Hormuz forced Asian and European energy importers to seek alternatives to natural gas supplies from the Persian Gulf. Japan and South Korea, in particular, have increased their consumption of coal since the outbreak of the war. Qatar’s Ras Laffan facility has declared force majeure, removing nearly 10.2 Mtpa of LNG supply to Asia, with the partial shutdown expected to last through late summer.
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