Crude Oil, Coal Forecast: Prices Supported by Tightening Supply Outlook

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Oil prices rallied into the Asia-Pacific trading session before gains eased later in the day. The upbeat action came despite a pullback in risk-taking across equity markets on Wall Street. Crude oil is at the highest levels seen since October 2014. Energy traders are also bidding up energy-related equity companies on positive profitability forecasts. A closely watched spread between the December 2021/2022 crude contracts widened recently, indicating a tighter supply outlook among traders (see chart below). The energy crunch across Asia, Europe, and ...