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CONSOL ALERT
As the earnings call is just getting started, I just wanted to share I high conviction thought with you:

Pre-Earnings Narratives & Review
Earnings is tough to trade. It’s like betting against the spread in NFL or NCAA Football games, and Vegas is very smart and typically spot on.

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

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

2023 Q4 MSHA Production Review
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.

Time for some Upgrades
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.

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

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

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