commodities watch in indonesia

The price of coal continued to strengthen for a second consecutive day on Thursday (24/08). The coal price for January 2018 contracts (the most-active contract on the Rotterdam commodities exchange) climbed 0.45 percent to USD $78.25 per metric ton, after closing higher 0.46 percent on the preceding trading day.

The movement of coal prices were in contrast to the performance of crude oil prices that are hampered by Hurricane Harvey that is approaching the distillation centers on the Texas Gulf Coast, USA.

Hurricane Harvey has forced workers to abandon several energy platforms in the Gulf of Mexico, closing the ocean terminal, and potentially flooding the refineries in Houston and Corpus Christi.

The West Texas Intermediate (WTI) oil price for October delivery settled lower 98 cents to USD $47.43 per barrel on the New York Mercantile Exchange. Total traded volume was about 7 percent above the 100 day moving average.

Meanwhile, the Brent oil price (for October delivery) fell 53 cents to USD $52.04 per barrel on the London-based ICE Futures Europe exchange.

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