CHART OF THE DAY: Newcastle Coal Is Quietly Crashing

Coal trains await unloading at Port Waratah Coal Services on April 12, 2007 in Newcastle. (Getty/Corey Davis)

While all the focus has been on the crash in crude oil below $50 a barrel, Australia’s own bulk energy export has fallen around 10% since Christmas and just under 20% in the past three months.

At $57.10 a tonne this morning, the March futures contract for Newcastle Coal (thermal) on the Intercontinental Exchange (ICE) is up a little from yesterday’s low of $56.75 but the trend lower remains intact.

Chart: barchart.com

It’s just another weight on Australian stocks but as a result of this big drop recently, the ASX energy sector (XEJ) has underperformed the ASX 200 in the past month.

Chart: ASX.com

With both iron and coal as large parts of its energy portfolio, BHP has been trading closely with the energy index.

Chart: ASX.com

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