The front month has a lot of sway on the quarterly contracts that get struck from what I understand. In other words YAL never realised the major highs that coal prices had but probably won't realise the low prices on Barchart either. I wouldn't read too much into future months as it is not very liquid and it changes rapidly as we saw at the dizzy heights.
You have to consider the different prices for coal such as Coking, Rotterdam and NEWC for YAL as they produce different types of coal. They'd be doing nicely on Coking and NEWC. Rotterdam is bringing in less margin but that's totally fine as it's shoulder period. Should hopefully find a base soon. The blended rate they receive is fantastic, especially given they're ramping volumes. Just have to wait and see where it goes.
https://www.barchart.com/futures/quotes/LQ*0/futures-prices
https://www.barchart.com/futures/quotes/LU*0/futures-prices
https://www.barchart.com/futures/quotes/U7*0/futures-prices
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The front month has a lot of sway on the quarterly contracts...
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