_Economy and Finance

SG Commodities Review: Carbon Paolo Coghe & Stephanie Aymes 2013.03.20 ■ After the crucial success in the ENVI vote on February 19, the path to the formal approval process for backloading will continue and the Parliament and Council, along with the European Commission, will enter into ‘trialogue’ negotiations to arrive at a common text before the plenary vote scheduled for 15 April at the European Parliament.

SG Commodities Review: Thermal coal Paolo Coghe 2013.03.20 ■ Throughout 2012 the mining sector started to rediscover some of the investment discipline that had disappeared during the commodity bull run of the last decade, causing an oversupply of coal, exacerbated by a global economic slowdown, and in turn leading to a material price slide and current depressed price levels.

SG Commodities Review: European Gas and LNG Thierry Bros 2013.03.20 The four consequences of the US shale gas revolution 1/ US coal is displacing Russian gas in Europe The US shale gas revolution pushed Cheap US coal and is displacing expensive gas for power generation in Europe. But, faced with record low European gas demand, Norway managed to increase its production, forcing Gazprom to act as the swing supplier.

SG Commodities Review: European Gas and LNG Thierry Bros 2013.03.20 ■ Norway exported a record 107.6 bcm of pipe gas in 2012, according to the gas system operator Gassco.

SG Commodities Review: US Natural Gas Laurent Key 2013.03.20 ■ SG research’s Cal 13 price forecast was revised 20 cents higher vs last quarter at $3.70, due to the bullish withdrawals experienced at the end of the winter.