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The Other Black Gold
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If you think oil's been leading energy prices higher, think again. Coal is up more than 90% this year -- more than twice the move in petroleum. Should you be on board?
I think so, says Jon Najarian on CNBC’s “Closing Bell.” Coal is needed by almost every segment in manufacturing and by nations around the world.
In fact, right now there’s such strong demand that some coal companies are up as much as 80% or more for the year.
In the space I like Consol Energy [CNX
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] and Peabody [BTU
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]. They too have run, but not at those levels. I think they’re the best buys in the space because they have significant upside potential.
It’s interesting to note, Najarian adds, that right now options action suggests that commodity traders are betting on a short term top in oil, but not in coal.
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