The Coal Trader

Hosts: Matt Warder & Joe Aldina | Brought to you by the Clear Commodity NetworkThe expected "shoulder season" lull has vanished as global energy security concerns and inflationary pressures push coal prices higher. Matt and Joe break down the massive moves in Richards Bay and Newcastle thermal pricing, the steady resilience of the Met coal curve, and why recent sell-offs in U.S. and Australian equities look like prime buying opportunities. Plus, a deep dive into Q1 earnings for CNR, BTU, AMR, and more.Stocks Mentioned: CNR, BTU, ARLP, AMR, HCC, METC, NRP, WHC.AX, YAL.AX, SMR.AX, NHC.AX, CRN.AX👉 Subscribe at TheCoalTrader.com or on Substack: thecoaltrader.substack.com 👉 Follow Matt on X: @MFWarder 👉 More commodity market commentary: clearcommodity.netDisclaimer: For information and discussion only—not investment advice. Do your own research.

Hosts: Matt Warder & Joe Aldina | Brought to you by the Clear Commodity NetworkMatt and Joe sit down in person in to rip through a month’s worth of action: thermal coal’s rerate off sub-$90, a steadier met tape, Warrior’s standout quarter on Blue Creek volumes, why spreads inside the met stack are normalizing, and how to think about cycles, contracts, and capital returns. We wrap with a hefty listener Q&A on valuations, rare earth hype, PRB vs East basin setups, and whether coal’s longer cycles really give you an investing edge.Featured equities discussed: Core Natural Resources ($CNR), Peabody Energy ($BTU), Alliance Resource Partners ($ARLP), Alpha Metallurgical ($AMR), Warrior Met Coal ($HCC), Ramaco ($METC), Glencore ($GLEN.L), Whitehaven Coal ($WHX.AX)👉 Subscribe at TheCoalTrader.com or on Substack: thecoaltrader.substack.com 👉 Follow Matt on X: @MFWarder👉 More commodity market commentary: clearcommodity.net Disclaimer For information and discussion only - not investment advice. Do your own research.

A big news week in coal. Matt and Joe run the board: thermal is basing, met has bounced, and U.S. power/LNG tailwinds support the setup. They also field listener questions on Coronado and why China’s steel-capacity moves could be coal-price bullish.Thermal CoalEurope: API2 drifting near the mid-$90s; Newcastle steady around the ~$100-110 range in shoulder season.Asia: China/India imports look strong; China output down M/M, burns up, stockpiles lower. Indonesian 4,200 kcal rose ~$40 → ~$43; CN-destined 5,500 kcal ~ ~$65 → ~$70.Met CoalPricing: Off the ~$160/t lows; recent prints high-$180s to ~$197/t.Supply: BHP to shut the Saraji South pit (Queensland) amid royalty headwinds; chatter of other Aussie curtailments. Base case: higher lows/highs into 2026–27 as quality supply tightens.Policy & Cost CurvesInflation + royalties have lifted global cost floors - what used to be peaks now looks like today’s support.U.S. Power & GasData-center load + new LNG capacity point to firmer gas and better coal dispatch vs prior summers.Equities & PositioningWatch for M&A overhangs and buyback/clean balance sheet names. Trim strength tactically; accumulate quality on weakness.Listener Q&A HighlightsCoronado (CRN.AX): U.S. assets solid, but Australia remains royalty/price sensitive; path forward hinges on cost work and price relief.China steel capacity: Cutting export-driven capacity can lift steel prices, tighten seaborne met coal, and redirect demand to India.Stocks mentioned: BTU, ARLP, AMR, HCC, METC, GLEN.L, CNR, HNRG, WHC.AX, YAL.AX, SMR.AX, NRP, BHP👉 Subscribe at TheCoalTrader.com or on Substack: thecoaltrader.substack.com 👉 Follow Matt on X: @MFWarder 👉 More commodity market commentary: clearcommodity.net Disclaimer For information and discussion only - not investment advice. Do your own research.

Hosts: Matt Warder & Joe Aldina | Brought to you by the Clear Commodity NetworkTickers Mentioned: $BTU, $ARLP, $AMR, $HCC, $METC, $GLEN.LIn this debut episode, Matt and Joe break down the fundamentals of the global coal market - starting with a deep dive into U.S. thermal coal basins and how they feed into domestic power demand and global exports.We cover:Key differences between thermal and metallurgical coal and their market driversU.S. coal basin economics: from Wyoming to AppalachiaHow coal prices translate to cash flow and margins for major U.S. producersGlobal price benchmarks: API2, Newcastle, Richards BayWhat’s driving recent price trends in China, India, Europe, and U.S. utilitiesA primer on the steel cycle, metallurgical coal quality specs, and which companies stand to benefitFeatured equities: Core Natural Resources, Peabody Energy, Alliance Resource Partners, Alpha Metallurgical, Warrior Met Coal, Ramaco, Glencore, and WhitehavenExpect data-backed insights, real margin math, and honest takes on where the coal market stands - and where it’s heading.Subscribe at ⁠TheCoalTrader.com or on Substack at ⁠thecoaltrader.substack.com.Follow Matt on X: @MFWarder For more commodity market commentary visit the Clear Commodity website at https://clearcommodity.net/