Oil markets are showing signs that optimism in crude prices might be reaching its limit as many speculative bets are reversing (Click to enlarge) Chart of the Week (Click to enlarge) • U.S. coal production plunged by 17 percent in 2016 from 2015 levels. Coal output is now at its lowest level since 1978. • U.S. coal production has been falling for nearly a decade, but the decline has accelerated in the last few years. • The main drivers are cheap natural gas, a few warm winters that led to gluts of gas and coal, but more importantly a mass shuttering of coal-fired power plants that have sapped demand. International coal markets have also been in the doldrums for years, putting downward pressure on prices and leaving few outlets for U.S. coal miners. Market Movers • Noble Energy (NYSE: NBL) purchased 7,200 acres in the Delaware Basin, which is […]