Crude and natgas prices stabilised over the week, with EU emissions prices also recovering from their lows end March. However, it remains a torrid time for SA coal exporters as demand for spot physical cargoes evaporates. The RB1 physical discount to paper widened dramatically as RBCT stocks increased to over 4.4 Mmt, up by almost 900kt on the week. Indian and Asian demand destruction remains the key driver, with Indian imports likely to drop by around 15 Mmt over 2020.
