Baltimore Port Shutdown Triggers Coal Price Hike: Energy Information Administration Warns Of Export Disruptions
Portfolio Pulse from Neil Dennis
The collapse of the Francis Scott Key Bridge, leading to the shutdown of the Port of Baltimore, has caused a rise in coal prices and impacted the stock prices of the Range Global Coal ETF (COAL) and Consol Energy Inc (CEIX). The port, a major coal export hub, accounts for 28% of U.S. coal exports, significantly affecting coal export volumes. The incident also impacts metal imports and has led to a rise in aluminum futures, affecting the iShares U.S. Basic Materials ETF (IYM).
March 28, 2024 | 7:24 pm
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NEGATIVE IMPACT
Consol Energy Inc (CEIX), a major exporter through the Port of Baltimore, saw its shares fall nearly 7% following the port's shutdown but has since recovered some ground.
As one of the largest exporters through the Port of Baltimore, the shutdown directly impacts Consol Energy Inc's (CEIX) operations and export capabilities, leading to a significant, albeit temporary, drop in its stock price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 95
POSITIVE IMPACT
The Range Global Coal ETF (COAL) rose 0.7% to $22.81, reflecting a 2.7% increase over the last two trading sessions due to the Port of Baltimore shutdown.
The shutdown of the Port of Baltimore, a key coal export hub, has led to a rise in coal prices, positively impacting the Range Global Coal ETF (COAL) as it tracks several coal miners.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
The iShares U.S. Basic Materials ETF (IYM) gained 2.1% over the past couple of sessions, influenced by a 2% rise in aluminum futures due to the port shutdown.
The shutdown of the Port of Baltimore has led to supply chain disruptions, notably in metal imports such as aluminum, positively affecting the iShares U.S. Basic Materials ETF (IYM) which tracks metal producers.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80