MEE Well Positioned In Tight Coking Coal Markets, Jefferies Reports

Jefferies said this morning that it believes Massey Energy MEE is well positioned to take advantage of tight coking coal markets. “We estimate during the fourth quarter, Massey had around six million tons of 2011 met coal still unpriced,” Jefferies writes. “We are currently modeling $135/ton FOB mine for Massey's uncommitted met coals for 2011 and believe there is a possibility of an upside to our estimates given the potential of higher realized met coal prices.” Massey Energy closed Wednesday at $56.39.