Coal, the dirtiest and usually the cheapest energy source, is now the world’s most expensive fossil fuel.

The epic collapse in oil prices over the past month means that the global Brent variety is already priced below the most traded energy-equivalent coal. The Australian Newcastle coal, traded on ICE Futures Europe, is priced at 66.85 USD per metric ton on Friday – the equivalent of 27.36 USD per barrel. Brent futures ended the last trading at 26.98 USD per barrel.

Although coal use in the US and Europe is declining against the backdrop of increased supplies of cheap gas and renewable energy sources (RES), as well as lack of growth in energy demand, consumption continues to increase in Asia, where coal is traditionally the most the cheapest option for fast-growing energy markets. In addition, coal is the dirtiest fossil fuel that produces about twice as much carbon dioxide as natural gas and 30% more than gasoline when burned.

Price changes in terms of oil and coal are mainly due to the sudden depreciation of crude oil, not so much to the surge in demand for coal.

In the short term, coal use in Japan may fall slightly this summer in favor of cheaper liquefied natural gas (LNG), according to Goldman Sachs Group Inc.

The contracts for the Newcastle variety are for coal-producing electricity, which in most cases have different bases in terms of supply and demand compared to the oil market. Cancellation of flights and travel restrictions can reduce global oil use by as much as 20%, while Saudi Arabia and Russia are on the way to flooding the market with additional supplies. That wiped out about 60% of Brent’s price since the beginning of the year. Asia’s electricity markets, which are the largest customers of coal for electricity, have proven to be more sustainable.

Newcastle varieties are already being traded for most of this year at an energy equivalent above the Japan-Korea marker, the LNG benchmark in Asia.