Germany, for example, is making it easier to build new coal plants by granting them free emissions permits, even though it aims to reduce emissions to 40% below the 1990 level by 2020. Enel hopes to persuade the governments of Bulgaria and Romania to do the same. In America, the most prominent proposals for regulations to reduce emissions all involve generous hand-outs to the coal industry. For a supposedly dying breed, advocates of coal-fired generation still seem to have plenty of clout with Europe’s and America’s politicians.
Crude oil futures on the national exchanges jumped up smartly on the week ended on Friday, as gasoline prices set the premium over heating oil, supported by Opec members eyeing more output cuts at the March meeting. Copper futures gained some ground last week on speculation that Chinese demand will come. Gold and silver futures remained subdued on some sell-offs.
MCX crude oil April 2009 contracts ended higher at Rs 2,384 per barrel on Friday over the previous week's close of Rs 2,091 per barrel, up by 14%. US government data on Wednesday showed gasoline stocks dropped 3.4 million barrels last week, as demand rose and imports fell. Crude stocks rose lower than expected, but hit their highest level since July 2007.
WTI Crude oil spot was quoted at $42.79 a barrel on Friday. "The market is surging on follow-through buying after Thursday's bullish gasoline data," said Tom Bentz, an analyst, said. MCX copper April 2009 contracts recovered sharply and traded higher by 8.6% at Rs 176.35 per kg for Rs 162.35.
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