U.S. coal stocks hit after COP26 deal to "phase down" fossil fuel
15/11/2021 16:11
** U.S. coal stocks track global sentiment, as the U.N.
COP26 summit in Glasgow concluded on Saturday with a deal to
phase down use of the dirtiest fossil fuel urn:newsml:reuters.com:*:nL1N2S60AC
urn:newsml:reuters.com:*:nL1N2S6057
** The deal called for action on coal use and fossil fuel
subsidies for the first time in the UN climate conference's
history
** Peabody Energy Corp BTU.N and Arch Resources Inc
ARCH.N fell to their lowest in more than three months after
they slumped 8.3% and 5.2%, respectively
** Hallador Energy Co HNRG.O loses 9.1%, Ramaco Resources
Inc METC.O drops 6.8%, CONSOL Energy Inc CEIX.N slips 6.6%,
and Warrior Met Coal Inc HCC.N down 4.8%
** The deal's text dropped a call to "phase out" coal and
other fossil fuels at the last minute, replacing it with "phase
down", after lobbying from coal- and oil-dependent countries
urn:newsml:reuters.com:*:nL1N2S60UT
** "Climate activists will undoubtedly frame COP26 as
failing on coal (and fossil fuels). We look past this
frustration (and current energy market conditions) and see
ongoing incremental consensus in the need to reduce demand for
fossil fuel" - Cowen analyst John Miller
(Reporting by Ruhi Soni in Bengaluru;)
((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere;))