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Steel's Hidden Cost: Why Coking Coal Is Up 33% Year-on-Year

Coking coal, distinct from the thermal coal used in power generation, is a critical input for blast-furnace steel production, where it is used to produce coke — a key reducing agent in converting iron ore into steel. Its price trajectory is therefore closely tied …

Nitish Kishor | 10 July 2026

Gas Glut: Why US Natural Gas Just Hit a Six-Week Low

The immediate trigger was Freeport LNG's confirmation that maintenance work at its pre-treatment and liquefaction units would begin on July 10 and run through late August. The extended outage window means less US gas will be pulled toward export terminals over the coming weeks, …

Nitish Kishor | 10 July 2026

Pump Prices Diverge: Why US Gasoline Isn't Following Crude Higher

Both sides have so far stopped short of all-out war, with Washington reiterating its commitment to a negotiated solution and parts of the existing interim agreement between the two countries said to remain in effect. That has been enough to keep gasoline traders from …

Nitish Kishor | 10 July 2026

India's Retreat: Why Australian Thermal Coal Is Sinking Below $130

India, the world's second-largest coal consumer, has been steadily reducing its reliance on imports. A weaker rupee has made foreign coal purchases more expensive in local-currency terms, while an upward revision to estimates of domestic production has given utilities more confidence to substitute homegrown …

Nitish Kishor | 10 July 2026

Diesel's Double Squeeze: Why Heating Oil Is Cooling Off

Security conditions around the Strait of Hormuz have clearly worsened, and tanker traffic through the waterway has slowed as shipping lines exercise caution. Even so, markets are not pricing a full closure of the route as their central scenario. Investors instead expect energy flows …

Nitish Kishor | 10 July 2026

Europe's Gas Nerves: Why TTF Prices Swung Sharply This Week

A US official reaffirmed Washington's commitment to pursuing a diplomatic resolution with Tehran, helping ease concerns that the conflict could return to full-scale war and once again disrupt energy flows from the Persian Gulf. That reassurance was enough to unwind some, though not all, …

Nitish Kishor | 10 July 2026

Britain's Energy Jitters: Why UK Gas Prices Are Whipsawing

A US official reiterated that Washington remains committed to reaching a diplomatic solution with Tehran, a statement that helped calm fears of a renewed full-scale conflict capable of threatening energy supplies flowing out of the Persian Gulf. That message, while not resolving the underlying …

Nitish Kishor | 10 July 2026

Corn to Car Tanks: Why Ethanol Prices Keep Climbing

Over the past month alone, ethanol has risen nearly 2%, a smaller but consistent gain that suggests underlying demand has remained firm even as headline energy markets have been dominated by volatility in crude and natural gas tied to Middle East tensions. Ethanol's relative …

Nitish Kishor | 10 July 2026

Propane's Slide: Why Heating Fuel Prices Are Falling in Summer

The divergence largely comes down to seasonality. Propane demand in the Northern Hemisphere is heavily weighted toward the colder months, when the fuel is widely used for residential and commercial heating as well as agricultural crop drying. With summer underway across major consuming regions, …

Nitish Kishor | 10 July 2026

Why Crude Oil Is Holding Above $72 as Hormuz Traffic Stays Thin

Traders are effectively pricing two competing narratives at once. On one hand, the latest round of strikes has raised the risk premium embedded in benchmark prices, with vessel-tracking data confirming that shippers are routing tankers with unusual caution or delaying transits altogether. On the …

Nitish Kishor | 10 July 2026
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