Oil prices jumped in April as tensions escalated in the Middle East, especially the risk that the US will re-impose sanctions on Iran, and speculation increased that OPEC will extend its output cuts into 2019. Meanwhile, US natural gas prices remained low despite stocks falling even further below their five-year average. At the same time, Chinese demand for coal is unusually strong for this time of year but consumption fell in the US as cheap natural gas is eating into coal’s market share.
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