Some spectacular moves today, particularly in the coals, the refiners, and oil service.
I highlighted the positive comments of the CFO of Halliburton a little while ago, and now a couple of coal CEOs have issued a similar set of bullish forecasts.
Reuters: New long-term contracts to boost coal miner profits.
Soaring electricity demand and sky-high oil prices are driving up the price of coal and producers are set to benefit as they negotiate new long-term supply contracts, two major U.S. coal miners said on Wednesday.
"A lot of legacy contracts are expiring soon and that has great implications for our bottom line," said Steven Leer, chairman and chief executive officer of Arch Coal Inc.
Considering the prospects of long-term global energy shortages with oil at $70 per barrel, "this is the best environment I have ever seen in more than 20 years.
"I have never seen the coal industry in such an enviable position as a producer. Coal will be the backbone of electricity generation for the next 25-30 years," said Leer.