- Coal miners including Consol Energy (CEIX -13.9%) and Contura Energy (CTRA +2.1%) must shut their mines in Pennsylvania by tonight after the governor ordered "non-life-sustaining" to close in an attempt to control the spread of the coronavirus.
- The state's list of "life-sustaining businesses" included oil and natural gas extraction, steel mills and metal production but specifically excluded coal mining.
- The move has the potential to remove a large volume of coking coal from the global market.
- B. Riley FBR analyst Lucas Pipes says the worst-case scenario would have operations down through Q2 but "a shutdown lasting a week to several weeks is much more likely."
- ETF: KOL