Washington (Platts)--25Mar2011/714 am EDT/1114 GMT
Over-the-counter Central Appalachian thermal coal prices saw mixed fortunes Thursday, although the more heavily traded barge contracts were little changed on the day. The front end of the CAPP barge curve remained in backwardation, with Platts' April and May assessments unchanged at $77.50/st and $76.75/st, respectively. Meanwhile, the spread between Q2 2011 and Q3 2011 narrowed by 25 cents/st, which may be another signal that demand for near term coal supplies is strengthening. CAPP barge May traded at $76/st and $76.75/st, each for five barges. June traded at $75/st for five barges twice, $76.05/st for five barges, and $75.25/st for five barges. Q2 2011 traded at $77/st for five barges. Q3 2011 traded at $76/st for five barges twice, $76.75/st for five barges twice, $77/st for five barges, and $77.25 for 10 barges. Q4 2011 traded at $78.50/st for 10 barges, $79.25/st for five barges, and $79.50/st for five barges twice. Q2 2011 over Q4 2011 traded at a discount of $2.50/st for five barges. Cal 2012 over Cal 2013 traded at a discount of $3.75/st for 10 barges. CAPP rail (CSX) trades were also seen. Prices in the CSX physical market were more volatile Thursday, according to brokers. Front-month CAPP barge continues to trade at a premium to its CAPP rail counterpart. Q2 2011 physical rail was assessed at $73.65/st, up $1.65/st. In contrast, Q3 2011 fell 50 cents/st, ending the day at $77.15/st. CSX April physical traded at $69.25/st and $70/st, each for one train. Q3 2011 CSX financial over CAPP barge traded at a discount of 25 cents/st for 10,000 st over five barges twice. The same spread traded at a discount of 40 cents/st for 15,000 st over 10 barges. Q4 2011 CSX financial over CAPP barge traded even for 10,000 st over five barges. CSX financial Q2 2011 over Q3 2011 traded at a discount of $4.75/st for 10,000 st. The same spread traded at a discount of $4.50/st for 5,000 st. Powder River Basin product was shutout Thursday. On the IntercontinentalExchange, bids for the CAPP barge May contract were taken higher from the opening bid of $74.25/st, transacting at $75.50/st later in the morning session. Likewise, June went through quite the ways above the opening bid of $74.50/st, trading at $75.50/st for five barges, also in the morning session. Q4 2011 traded at $79/st for five barges, which was the opening asking price. The follow market was $78.50/st bid and $80/st ask. Q2 2011 over Q3 2011 transacted at a discount of $1.50/st for five barges in late afternoon trading.--Chuck Noh, chang_noh@platts.comSimilar stories appear in Coal Outlook. See more information at http://bit.ly/CoalOutlook