Target $9.36, page-2627

Thanks for the post, always good to hear from the other side of the trade. It feels like a brave position to take given:

1. Thermal coal is showing strength even in shoulder season,
2. EU winter is on its way (although a much milder winter than expected will help your case),
3. EU power plants previously reliant on Russian high cal thermal can't necessarily take lower-quality product due to boiler designs and efficiencies,
4. Hard to see EU cave to Putin's 'turn off the Sanctions or Nordstream stays shut' demands, they will further indebt themselves by bailing out energy co's rather than back down from their moral-high-ground position,
5. I haven't heard about the drought situation turning yet, would be happy to read anything you can provide,
6. I am of the view supply chains - especially in marine - will take far longer to unravel, and I have a good industry source on this,
7. Buyback up till 1 October should theoretically provide some support for the next three weeks considering the large no. shares they still want to get through. Ironically some share price weakness is probably viewed as a good thing for WHC longs as it means more bang for buyback buck.

Those are my thoughts at first take. Some sort of pullback is inevitable, indeed healthy, after the run that we have just witnessed. Good luck with your position nonetheless and thanks for sharing. Cheers