Mild winter and spring weather reduced demand for coal from utilities that use it as fuel to generate electricity. Additionally, utilities and some manufacturers have switched from coal to cheaper natural gas for fuel. The price of natural gas has fallen nearly 25 percent this year because booming production has produced a glut, further weakening the attractiveness of coal.
As a result, a number of coal producers have cut back production and shuttered mines to reduce costs.
The report includes data on average weekly coal commodity spot prices, monthly coal production, Eastern coal production, and average cost of metallurgical coal at coke plants and export docks. The historical data for coal commodity spot market prices are proprietary and not available for public release.
Shares of coal producers across the board fell in afternoon trading. Shares of Arch Coal Inc. fell 6 cents to $6.04. Peabody Energy Corp.'s shares fell 47 cents to $23.80. And Patriot Coal Corp.'s shares dropped 15 cents, or 9.6 percent, to $1.51.
Last week, spot prices:
- Remained at $57.70 in the Central Appalachia Basin
- Remained at $64.40 in the Northern Appalachia Basin
- Remained at $46.50 in the Illinois Basin
- Remianed at $9.15 in the Powder River Basin
- Remained at $35.50 in the Uinta Basin
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