JP Morgan Alarm and Domino Effect on Coal Stocks

JP Morgan projects Europe’s gas price trend will only last for a short time. The trend will influence coal prices, which in turn may potentially cause a domino effect on coal stocks in Indonesia.

Asteria Desi Kartikasari

30 Jun 2023 - 00.18
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JP Morgan Alarm and Domino Effect on Coal Stocks

Coal mining activities./Bisnis/Credit: itmg.co.id

Bisnis, JAKARTA— JP Morgan projects that Europe's gas price trend will only last for a short time. The trend will influence coal prices, which in turn may potentially cause a domino effect on coal stocks in Indonesia.

Natural gas and coal prices are correlated, wherein if gas prices increase, people may shift toward coal and vice versa. Investors speculate whether the volatility of gas prices in the EU within the last month will give rise to increased demand for coal.

"We think this surge may last shortly with gas storage level in the EU at its highest for almost five years at around 74 percent," said the analysts, quoted on Wednesday (6/28/2023).

JP Morgan forecasts the price trend for coal to be relatively flat due to the correlation of Newcastle coal with natural gas prices before a potential recovery in demand at the end of the year as winter starts.

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