Oct 9, 2026 · 57 min · 12 segments
**Hosts:** Matt Warder & Joe Aldina | Brought to you by the Clear Commodity Network As global commodity markets navigate the autumn shoulder season and position for the winter heating and restocking…
Matt WarderHost
Joe AldinaHost
Actually, I remember, I remember [chuckles] at the last market update, I was going through Dulles Airport, and, um, I was talking about all the things that were going on, and, you know, we, we were supportive.
I think, um, you know, I was, like, bullish, but a little worried about warm weather.
I felt like maybe you were like, "Hey, Joe, you should be more bullish." Um, anyway, where we, uh [chuckles] where we got was, um, prices, prices kind of dipped, um, and, and are back up.
Um, so, so, th- yeah, thermal prices dipped, um, and since early-ish September that, that was when we last talked, um, and I was os- on my way to Gas Tech.
We were at, um, $145 for ARA, um, and, uh, over $150 on the Newcastle High CV coal.
Um, the, the interesting thing on ARA to note is, you know, that's a delivered index and, and diesel and bunker fuel are all up.
Um, freight's probably up eight to nine bucks a ton from, like, US into ARA or, you know, Colombia into ARA this year.
So that's contributing to the, uh, to the rise in ARA, and, you know, that's why it's up there close to the Newcastle price almost.
Um, higher coal burn, um, uh, you know, gas, gas prices firming back above 70 euro per megawatt hour.
Um, there's been a lack of availability of coal from the US in the European market.
Um, and, uh, uh, you know, that, that's all contributing to, uh, the firm environment in Europe.
Um, the coal spread, like the, the clean, the clean dark spread, so your, your margins on running coal, uh, dirty old coal with, uh, and paying for emissions permits were over 100 euro per megawatt hour.
Actually, I remember, I remember [chuckles] at the last market update, I was going through Dulles Airport, and, um, I was talking about all the things that were going on, and, you know, we, we were supportive.
I think, um, you know, I was, like, bullish, but a little worried about warm weather.
I felt like maybe you were like, "Hey, Joe, you should be more bullish." Um, anyway, where we, uh [chuckles] where we got was, um, prices, prices kind of dipped, um, and, and are back up.
Um, so, so, th- yeah, thermal prices dipped, um, and since early-ish September that, that was when we last talked, um, and I was os- on my way to Gas Tech.
We were at, um, $145 for ARA, um, and, uh, over $150 on the Newcastle High CV coal.
Um, the, the interesting thing on ARA to note is, you know, that's a delivered index and, and diesel and bunker fuel are all up.
Um, freight's probably up eight to nine bucks a ton from, like, US into ARA or, you know, Colombia into ARA this year.
So that's contributing to the, uh, to the rise in ARA, and, you know, that's why it's up there close to the Newcastle price almost.
Um, higher coal burn, um, uh, you know, gas, gas prices firming back above 70 euro per megawatt hour.
Um, there's been a lack of availability of coal from the US in the European market.
Um, and, uh, uh, you know, that, that's all contributing to, uh, the firm environment in Europe.
Um, the coal spread, like the, the clean, the clean dark spread, so your, your margins on running coal, uh, dirty old coal with, uh, and paying for emissions permits were over 100 euro per megawatt hour.
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