James River last year. Patriot, Walter Industries and now Alpha Natural Resources
this year. Arch (ACI) probably next. Looks like another bad week for coal. Some
natural gas companies also starting to get into trouble financially , ie LINE..
Crude also dropping this morning. The energy business is not the place to
be at this time.
Tomorrow, Obama will make another coal speech. He will remind us
that during his time in office he has closed almost half of the coal generating
power plants and almost half of the coal mines in the USA. Bet he will also
tell us that in the past year alone he has killed 70,000 coal miner's jobs.
The White House reports that tomorrow's speech will be Obama's most
important yet in his global warming and"war against coal" endeavor.
Time to bring this thing to an end. I believe that Obama might now
BOMB THE REMAINING COAL MINES. Only way to end quickly his
"war on coal".
Tomorrow, Obama will make another coal speech. He will remind us that since
he has been in office he has shut almost half the coal generating plants and almost
half of the coal mines in the USA. Bet that he will also tell us that he has destroyed
70,000 coal miner's jobs in the past year too. Tomorrow, I believe that Obama
will deal his final blow against coal. HE WILL BOMB THE REMAINING COAL MINES.
Only way to bring his "war on coal' to an end.
Last Wednesday, Zacks downgraded NRP shares from "hold" to "sell"
Reason given was that NRP lessees are shutting mines. Have not
read that. We will know on the 6th.
Only positive is that there is total negativity on the part of the analysts.
If you saw on CNBC today Fast Money at noon and at 5pm, you know that:
1. Crude oil inventories 25% above last year. Building at more than 2 million
barrels per week. Iran about to add another 2million barrels per week to the supply.
2. Natural gas inventories also 25% higher than last year and building.
3. Thermal coal inventories have been out of the roof for years.
4. Met coal price down to $93 per ton ($330 just 4 years ago)
Nothing but bankruptcies in sight for coal, natural gas and crude oil stocks.
Exxon just reported 2nd quarter results. Beat with revenue and missed with income. For
years coal companies did the same (beat on rev and missed on inc.). Most coal companies
are now bankrupt. Wonder if crude and natural gas companies will continue to follow
what coal companies have done? Goldman Sachs sees crude at $30.
Arch Coal reported 2nd quarter results earlier today. Missed street estimates for
both revenue and income. Massive losses. Arch management sees no near term
improvement for met or thermal coal. ACI leases mines from NRP.
Dow down 81.. Crude up slightly but natural gas down. Natural
gas inventories to be reported at 10:30. Coal stocks down. NRP
opened up but now in the red. WLL crashing. Don't know why. Their
2nd quarter results were better than the street expected.
Dow up 54. Crude down but natural gas up slightly. Coal stocks mixed. New low for ACI.
ARLP up. Should be much higher. Good quarter and div. increase. NRP uo 2 pennies with
two days till ex.
Dow up 51. Crude down slightly and natural gas up a bit. Coal stocks mixed but
near record lows. BTU missed, as expected, and now trading below $1. They
also eliminated the 1 penny dividend. NRP little changed with 3 trading
days till ex.
Today, Fitch cut BTU's credit rating. Huge lose projected this year and smaller loss
in to16. Met coal price reason for credit rating cut Stock closed at all time low ($1.06).
Will move below $1 tomorrow. NRP closed twenty eight cents above a record low.
With crude oil price crashing, producers restarted 21 oil wells last week. Still trying
to understand these moves. The leaders of the companies restarting the oil wells
must have been trained by some of the coal company CEOs..
BTU reports earnings tomorrow. Will take coal stocks down again.
Dow down 154. Crude crashing but natural gas up slightly.
Coal stocks mostly unchanged but all continue to trade
near record lows. NRP down slightly with only 4 trading days
till ex. I see nothing that can save the US coal stocks.
Dow up 2. Crude flat and natural gas trading down. Coal stocks continue down.
ACI and ARLT at record lows. NRP down on low volume.
Jim Cramer commented on miners this morning as being suicidal. Think
he used the correct word. They all seem to be digging themselves