Imo the strong thermal price ATM is due to the Europeans stock piling coal.
Natural gas is getting hammered because there's fuller inventory due to warmer winter, but with coal you can stock pile easier than LNG which requires specific infrastructure to store. Which explains the disconnect between Nat gas and thermal
I think we could see a larger drop in thermal once stockpiling finishes up. So I'm cautious
Target $18.72, page-3402
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