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Coal prices climbed toward $140 per ton in late August, reaching a two-month high as robust global energy demand coincided with persistent concerns over supply. Coal remains the world’s largest source of power generation, producing nearly 11,000 TWh in 2026, while surging electricity demand is slowing efforts to displace the fuel with renewable energy. The IEA also expects coal to remain the largest single source of power generation through 2030, with no individual alternative coming close to replacing it. The prolonged Middle East conflict, which tightened global LNG supplies and drove energy prices higher, further strengthened the outlook for coal demand. Meanwhile, as many as 45 coal-fired power plants in India are operating with critically low coal stocks as electricity demand rises amid a strong El Niño, while supply has been disrupted by monsoon rains.

Coal Surges to 2-Month High

Singapore’s domestic supply price index climbed 33.4% year-on-year in July 2026, accelerating from a downwardly revised 29.8% increase in the previous month. The increase was mainly driven by higher prices for mineral fuels, lubricants and related materials (46.4% vs 44.3%), machinery and transport equipment (42.3% vs 35.1%), and manufactured goods (5.0% vs 5.8%). The non-oil domestic supply price index also rose to 29.3% from 25.2%. On the other hand, price growth eased for chemicals and chemical products (11.1% vs 13.4%) and crude materials (19.4% vs 19.5%). Prices for food and live animals fell 1.2%, narrowing from a 1.8% decline in June. On a monthly basis, the domestic supply price index rose by 2.3% in July, rebounding from an upwardly revised 3% drop in the preceding period.

Singapore Producer Inflation Accelerates in July

Corn futures held above $5.1 per bushel, staying near their highest level since July 2023 as mounting crop concerns and weather risks supported prices. Extreme heat and heavy rainfall have hit major Chinese corn-growing regions, threatening yields and quality. China imported 1.36 million tons of corn from January–July, up 61.3% year-on-year, which could increase import demand if weather damage worsens. Meanwhile, concerns over the US crop are adding further support, with the USDA’s latest report showing the share of corn rated good-to-excellent falling three percentage points to 57% for the week ended August 23. Strong export demand is also underpinning prices, with cumulative shipments up 26% from a year earlier despite a recent easing in weekly shipments to 1.3 million tones. USDA reported a recent sale of 286,097 tons of US corn to Mexico, including 29,808 tons for 2026/27 delivery and 256,289 tons for 2027/28.

Corn Holds Near 3-Year High

US natural gas prices held around $2.91/MMBtu, the highest level in five weeks, supported by a smaller-than-usual storage injection and forecasts for continued warm weather. EIA data showed that energy firms added 15 Bcf of gas to storage for the week ended August 21, below the 20 Bcf forecast and the 33 Bcf five-year average for the period. Gas prices also gained as record-high temperatures are expected across the Southwest through this weekend, while the Commodity Weather Group said on Thursday that above-average temperatures are anticipated across nearly the entire US from September 1-10, keeping cooling demand elevated. However, strong domestic production is capping further price gains, with output in the Lower 48 states averaging a record 111.4 bcfd so far in August, up from 110.7 bcfd in July. Meanwhile, average gas flows to the nine major LNG export facilities fell slightly to 17.1 bcfd from 17.2 bcfd in July, though signs of recovering LNG demand are emerging.

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