North America coal short-term outlook April 2023

This shoulder season the growing disconnect between steady coal supply and slumping demand is contributing to rapidly growing EGU stockpiles. Coal-fired generation is the lowest level since the pandemic struck in April 2020, largely due to the mild weather and abundant, cheap natural gas. As inventories grow, spot prices have to correct. In most basins, prices will continue to decline through the year. At the same time, producers will look for buyers in the seaborne markets. Exports are expected to increase from last year as producers now have more tons available.