Over-the-counter eastern coal prices pushed higher on Monday, recovering losses posted Friday as natural gas futures managed to squeeze out marginal gains. Western coal prices on the other hand traded slightly lower or flat across the forward curve.
Turnover in NYMEX look-alike markets was strong throughout the session. Sources said that gas market gains, after three sessions of significant losses, provided price support for eastern coal markets.
Trading was biased towards the front of the curve with the December and Q1 2011 contracts seeing good interest. December traded as high as $68.35/st, 80 cents above Friday's Platts assessment.
CSX rail-delivered 12,500-Btu/lb, -1% sulfur physical prices moved higher in unison with look-alike markets. Trading in CSX products was confined to the Q1 2011 contract, which went through at $71/st, 70 cents higher than Friday's Platts assessment.
Powder River Basin 8,800-Btu/lb prices, where there is less correlation to gas markets, failed to follow the price reversal. And with just front-month trading seen, PRB 8,800 physical prices came under slight selling pressure.
In the front-end look-alike deals, December traded at $68/st, $68.25/st and $68.35/st, each for five barges. All those Monday trades were above Friday's Platts assessment of $67.55/st.
Q1 2011 traded outright at $69.25/st for five barges twice, $69.30/st for five barges and at $69.50/st for five barges twice. Q1 traded in a spread over Q3 2011 at a discount of $2.50/st for 10 barges. Platts assessed Q1 at $68.45/st on Friday, with an implied Q1 over Q3 spread of $2.80/st.
Through the remainder of the front-half of 2011, Q2 traded at $70.50/st for five barges twice. The term traded 70 cents higher than the prior Platts assessment, which followed a trading range between $69.75/st to $70.75/st.
Q3 2011 traded at $71.50/st and $71.75/st for five barges each outright. Q3 traded in a spread over Q4 2011 at a discount of $1.40/st for five barges. Both the outright deals traded above Friday's Platts assessment of $71.25/st, which followed a single trade there.
Look-alike Cal 2011 traded outright twice, at $71/st and at $71.25/st, each for five barges. The term traded 45 cents to 70 cents higher than the prior Platts assessment of $70.55/st.
In other eastern markets, CSX physical traded at $71/st while January CSX swaps traded at $69.25/st for 5,000 st, and the Q2 swap went through at $71.75/st and $72/st for 5,000 st each.
In western coal markets, PRB 8,800 physical traded once in the December contract at $13/st for the delivery of one train. The contract traded five cents below the prior Platts assessment of $13.05/st on Friday.
Turnover in NYMEX look-alike markets was strong throughout the session. Sources said that gas market gains, after three sessions of significant losses, provided price support for eastern coal markets.
Trading was biased towards the front of the curve with the December and Q1 2011 contracts seeing good interest. December traded as high as $68.35/st, 80 cents above Friday's Platts assessment.
CSX rail-delivered 12,500-Btu/lb, -1% sulfur physical prices moved higher in unison with look-alike markets. Trading in CSX products was confined to the Q1 2011 contract, which went through at $71/st, 70 cents higher than Friday's Platts assessment.
Powder River Basin 8,800-Btu/lb prices, where there is less correlation to gas markets, failed to follow the price reversal. And with just front-month trading seen, PRB 8,800 physical prices came under slight selling pressure.
In the front-end look-alike deals, December traded at $68/st, $68.25/st and $68.35/st, each for five barges. All those Monday trades were above Friday's Platts assessment of $67.55/st.
Q1 2011 traded outright at $69.25/st for five barges twice, $69.30/st for five barges and at $69.50/st for five barges twice. Q1 traded in a spread over Q3 2011 at a discount of $2.50/st for 10 barges. Platts assessed Q1 at $68.45/st on Friday, with an implied Q1 over Q3 spread of $2.80/st.
Through the remainder of the front-half of 2011, Q2 traded at $70.50/st for five barges twice. The term traded 70 cents higher than the prior Platts assessment, which followed a trading range between $69.75/st to $70.75/st.
Q3 2011 traded at $71.50/st and $71.75/st for five barges each outright. Q3 traded in a spread over Q4 2011 at a discount of $1.40/st for five barges. Both the outright deals traded above Friday's Platts assessment of $71.25/st, which followed a single trade there.
Look-alike Cal 2011 traded outright twice, at $71/st and at $71.25/st, each for five barges. The term traded 45 cents to 70 cents higher than the prior Platts assessment of $70.55/st.
In other eastern markets, CSX physical traded at $71/st while January CSX swaps traded at $69.25/st for 5,000 st, and the Q2 swap went through at $71.75/st and $72/st for 5,000 st each.
In western coal markets, PRB 8,800 physical traded once in the December contract at $13/st for the delivery of one train. The contract traded five cents below the prior Platts assessment of $13.05/st on Friday.
