In August 2023, when nearby Rotterdam ICE coal futures were trading at the $122.70 per ton level, and the ICE Newcastle ICE coal futures were at $158.50 per ton, I wrote: Meanwhile, the war in Ukraine and Russia’s use of energy as an economic weapon are reasons to maintain vigilance. The geopolitical landscape remains a clear and present danger that could cause traditional energy prices to spike higher. A recovery in China and a cold winter in Europe could create another perfect bullish storm for coal over the coming months. Coal prices have moved lower since late August 2023, as the Chinese e…