Coal miners including Consol Energy (CEIX -13.9%) and Contura Energy (CTRA +2.1%) must shut their mines in Pennsylvania by tonight after the governor ordered “non-life-sustaining” to close in an attempt to control the spread of the coronavirus.
The state’s list of “life-sustaining businesses”
included oil and natural gas extraction, steel mills and metal
production but specifically excluded coal mining.
The move has the potential to remove a large volume of coking coal from the global market.
B. Riley FBR analyst Lucas Pipes says the
worst-case scenario would have operations down through Q2 but “a
shutdown lasting a week to several weeks is much more likely.”
https://seekingalpha.com/news/3553935-pennsylvania-governor-orders-coal-mines-to-close
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