Weather & Science
Coal Miners Brace for ‘Awful Spring’ as Mild Weather Crimps Demand
- Miners already sold out for 2023 but utility burn set to slide
- Coal companies facing sharp reversal after two record years
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The dramatic turnaround of the US coal industry that’s sent share prices soaring and provided a lifeline for miners is running out of steam.
Milder-than-expected weather that weakened demand has allowed stockpiles to swell, and coal prices are falling. The power-plant fuel also is facing competition from natural gas, which hasn’t been this cheap since late 2020. There are concerns that coal-fired US utilities will seek to delay contracted deliveries this year.