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New UserHigh U.S. Coal Stockpiles Cast ‘Bearish Cloud’ Over Natural Gas Power Demand
05 Sep 2024
Relatively high
coal stocks at U.S. power generators could indirectly influence natural gas
demand this fall if gas prices rise and tilt costs more in favor of coal.
“Elevated coal
stockpiles are an indirect driver of lower natural gas prices,” EBW Analytics
Group senior analyst Eli Rubin wrote in a recent note. “Should bullish
catalysts send natural gas higher, an oversupplied coal market could facilitate
power sector gas-to-coal switching and diminish power sector gas burns.”
U.S. coal stockpiles calculated as a
“days of burn” on hand remain above Covid-19 pandemic highs for higher-heat
bituminous coals, Rubin said, citing U.S. Energy Information Administration
(EIA) data through
June.