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