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Coal company stocks scored strong gains Monday following news of the weekend explosion at Anglo American’s Grosvenor steelmaking coal mine in Australia, which is expected to suspend production at the country’s largest metallurgical coal project for several months.
Among the day’s big gainers: Peabody Energy (NYSE:BTU) +7.3%, Arch Resources (ARCH) +10.8%, Ramaco Resources (METC) +12.5%, Warrior Met Coal (HCC) +16.8%, Apha Metallurgical Resources (AMR) +17.7%, Consol Energy (CEIX) +5.1%, Alliance Resource Partners (ARLP) +3.6%.
Monday’s moves followed gains Friday after President Biden’s weak debate performance propelled pro-coal Donald Trump into the favorite to regain the presidency, and the Supreme Court’s ruling that eliminated the Chevron deference, which had provided significant leeway to federal agencies in deciding how to regulate the energy sector and other industries.
The Court also stopped the Environmental Protection Agency’s “good neighbor” plan, which would have limited smokestack emissions from power plants and other sources in 11 states, as well as air pollutants the EPA said can drift downwind into other states.