Analysis | Fossil Fuels’ Price Boom Isn’t the Victory It Might Seem

Since breaking above $100 a metric ton in May, the price of coal at Australia’s Newcastle port — a benchmark for Asia, which consumes about three-quarters of the world’s soot — has gone almost vertical, hitting a record $173.10 a ton Thursday. The key regional contract for liquefied natural gas, the Japan-Korea Marker, is in similar territory, hitting $18.02 per million British thermal units the same day. That’s not a record, but it’s still the third-highest spike LNG has ever seen, during what’s typically the low season for a commodity that tends to surge amid winter’s heating demands. 

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