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    Coal stocks sink as price for natural gas rises

    Coal stocks fall as natural gas price rises, analyst says gas rally could be short-lived

    Associated Press – Mon, Jan 30, 2012

    NEW YORK (AP) -- A Citigroup analyst suggested Monday that prices for natural gas could resume falling despite the recent rally, spurring even more utilities to switch from coal to gas for power generation.

    Coal stocks fell, including Peabody and Arch Coal.

    Natural gas prices have been in a long slump because of increased production that has resulted in ample supplies of the fuel. Gas prices have risen in the past week after major producer Chesapeake Energy said it would cut production of gas that is no longer economical.

    From a 10-year low of $2.32 per thousand cubic feet on Jan. 19, the price of gas has risen to about $2.76 Monday on the expectation that gas producers such as Chesapeake will focus on fields that produce more oil than gas.

    Citigroup analyst Anthony Yuen questioned whether the collapse in gas prices is really over. He said several factors could keep pushing gas prices down, including stubbornly strong production and mild winter weather.

    Lower gas prices, Yuen said, could cause more utilities to switch from coal to gas for power generation. But, he added, gas prices could rise on stronger demand or lower supplies.

    In afternoon trading, shares of Peabody Energy Corp. were down 97 cents, or 2.7 percent, to $35.17; Consol Energy Inc. was off 80 cents, or 2.2 percent, to $35.66; Patriot Coal Corp. fell 41 cents, or 4.8 percent, to $8.13; James River Coal Co. down 20 cents, or 2.9 percent, to $6.68; Alpha Natural Resources Inc. down 68 cents, or 3.1 percent, to $20.97; and Arch Coal Inc. lost 18 cents at $14.33.

     

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