European API2 2020 coal futures drop to two-year low of $66.70/tonne

LONDON: European API2 2020, coal futures dropped to a two-year low on Friday morning at $66.70 a tonne, down $0.90 from the previous close

The price was last at this level at the end of May 2017.

There is healthy supply of coal in Europe. At the same time, the availability of cheap gas has made gas more profitable for utilities and has weighed on coal prices, traders said

Refinitiv Eikon data shows that hard coal-fired generation in Germany in April was down 22 percent year on year

"Surging exports out of Australia and the United States raises supplies and the lower costs of natural gas curbs the use of coal at power plants," said Norbert Ruecker, head of economics & next generation research at bank Julius Baer.