Do you want to try a tool that can help you save time and money? In this article, we talk about how to streamline your energy trading with an API.

If you’re a developer, you might already know that an API, or application programming interface, is a set of functions and protocols that allow software applications to communicate with each other. APIs can be used to access data from other applications or to request specific functions from other applications. For example, an API could be used to request that another application sends you a notification whenever there is new data available for you to download. 

In this case, an API can help you by providing you with real-time data about the price of coal in different markets around the world. This way you can always have up-to-date information about the market conditions and make better decisions about your trading strategy. You may be wondering which API you should use for your energy trading business. We recommend using a Coal Prices API.

Many variables contribute to the fluctuation of coal prices. Supply and demand is one of the primary determinants. Prices typically rise when there is a large demand for coal. Also, when there is a shortage of supply, prices also tend to increase. Geopolitical developments are another element that may have an impact on coal prices. For instance, when there are conflicts between nations, this might result in shipping and coal production being disrupted, which can raise costs.

For the purpose of knowing how much to pay for the coal they require, people are continuously looking for precise coal prices. However given the wide range of variables that might impact coal prices, this can be a challenging undertaking. For instance, the price of coal can be influenced by a number of factors, including location, quality, and quantity.

If you’re looking for reliable coal pricing information, the Commodities API is unquestionably the way to go.

Commodities API

Via the Commodities API, which is provided by more than ten distinct exchange rate data providers for commodities pricing, developers can get real-time information on valued commodities. The API contains many endpoints, each of which performs a different function. The endpoint can send API calls for time series data for one or more currencies, the most recent commodity rate information for all or a specific selection of currencies, information on daily changes, value conversion, and data on one or more currencies.

The responses you receive from this API will vary depending on the commodity you’re looking for. In this case, we’re curious to learn more about coal. We may look up information about coal using the coal symbol provided by the API (COAL):

{"data":{"success":true,"timestamp":1681510680,"date":"2023-04-14","base":"USD","rates":{"COAL":0.0073529411764706},"unit":"per tonne"}}

You can see in the answer that one dollar is equivalent to 0.0073529411764706 tonnes of coal.

All You Have To Do To Utilize It Is:

• Go to Commodities API and simply sign up, when you are done you’ll be ready to start using the API!
• Employ the different API endpoints using the symbols given by the API depending on what you are looking for.
• Once you meet your needed endpoint, make the API call by pressing the button “run” and see the results on your screen.

The Commodities-API provides data in more than 170 different currencies with a precision of two decimal places. Depending on the subscription you select, you can make up to 100.000 API requests per month and get data updates every 60 seconds. There is a seven-day trial period for this API as well.