CEIX - Has coal been consigned to history yet?
Last November, the President of COP26 stated his goal for the summit was to "consign coal to history," and given recent volatility, it's worth checking in on progress. Prices, at least for now, appear to indicate the out-of-favor fuel is as popular as ever. With both thermal (power) and metallurgic (steel) coal prices at all time highs. And not by a little, thermal and met coal prices are up ~2-3x from pre-pandemic levels. With primary energy demand growing, and Western leaders from California to the UK and Germany shutting nuclear plants (NYSEARCA:URA) (NYSE:CCJ), prices for all forms of energy have risen since COP26. In an attempt to offset lower nuclear supplies, and meet growing demand, China maxed out coal production, the US released part of its strategic reserves, and Europeans drew heavily on natural gas inventories. Yet prices for coal, oil (NYSEARCA:USO) and natural gas (NYSEARCA:BOIL) all sit at multi-year or all-time
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Has coal been "consigned to history" yet?