Ann: Quarterly Activities Report, page-57

True, however got to think where is the money going where are the speculative bets being made. In my opinion all the bets are being made on a global recession which means sell energy... so the downside is the overcrowded trade. In reality things havn't changed dramatically since coal was 300-440/tonne and in fact possibly gotten worse as this price didn't spur any real increase in supply. China easing restrictions is possibly the biggest fundamental reason for weakness in price due to normal supply chains opening up. However the main reason for weakness being recession fears. When the US finally admits to a recession maybe we will see a bottom.