CNXC Today

The reason CNXC is up so much today was the earnings report and call. Not only were the numbers good, but management's commentary on the coal situation was quite optimistic. In fact, it pretty much followed the analysis I laid out in the previous post. They also will continue the distribution at the rate of .51 per share for the time being. There will be no distributions to the subordinated holders (these are mostly CNX Energy), although they hope to resume that.

So everything is on track. The next big item is political. Once the DNC convention is over, we will have to see which way Hillary goes. If she keeps veering left and depends on attacking Donald, it will be bad for coal. If she moves to a more centrist policy and a positive campaign, it means she is going to fight for Pennsylvania. That's good for coal, and might be a good sign for how the Clean Power Plan will be implemented if it survives court challenges.