Category: Updates

February 2, 2024

The primary risk for Alliance continues to be the coming demand destruction in power generation markets in the US.

January 28, 2024

The BMA acquisition is expected to be completed on April 2, 2024. I continue to believe this acquisition will prove to be a transformational

January 26, 2024

Let’s start with the big overall trend, and for that we need to think in terms of thermal coal, generally when discussing US coal production.

January 21, 2024

Now that I’m back from vacation, it’s time for some equity upgrades. Last week turned out NOT to be a quiet week in the coal sector.

January 10, 2024

This northern hemisphere winter has been mild overall, and most of 2024 could be wrecked by high inventories, leading to subdued demand

January 9, 2024

Met prices are driven primarily by China, then marginally by other regional demand sources, so let’s start there

December 20, 2023

Benchmark PLV prices have been recently consolidating above $300/mt. Cyclone Jasper caused a price spike to $335 early in its development

December 14, 2023

I’m developing a new macro perspective on the global economy that deglobalization is wrong or basically irrelevant

December 12, 2023

I’m going to kick this off by reiterating my avoidance call on all thermal coal, that is US domestic and seaborne thermal.

December 7, 2023

In light of the Ramaco 2024 Guidance Update, I updated my metallurgical coal price deck and valuations for each of the US met producers.

December 5, 2023

Cold weather finally hit Europe over the last couple of weeks. This is a decent start to winter, but thermal markets have a lot of work to do.

December 1, 2023

I’ve been trying to figure out how serious this Shanxi “safety overhaul” is in China over the past couple of days