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April 19, 2012

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Column: Thoughts on Ole King Coal

My latest column is out at equities.com.  Click here to read it.  It’s all about the headwinds coal faces, which include:

  • Coal to natural gas switching
  • Potential carbon regulation
  • High coal stocks sitting at power plants
  • Weak economy and conservation

Edited out of the piece were a series of exhibits, which I’ve attached here.

Despite my vocal opposition to coal stocks, as a twitter follower points out, I am still long Rhino Resources (RNO), but that is a short term trade that has some downside protection based on the Utica acreage it holds.  For me, that’s not a bet on coal, but a bet on coal not being too terrible while Utica acreage gets monetized for a surprising amount.

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