Commodities | Jul 29 2026Higher thermal/met coal prices, lower costs and improving free cash flow are supporting confidence in Whitehaven Coal, despite ongoing operational challenges at Narrabri. Despite decarbonisation commitments across Asia, tightening LNG supply and elevated prices are accelerating fuel switching back to coal." Although the market turned up its nose at Whitehaven Coal's ((WHC)) June quarter update, what was evident, as highlighted by Morgan Stanley, was the rise in thermal coal prices to US$142/t, some 4.4% above the broker's forecast and 8.4% above consensus. Meanwhile, the metallurgical coal price of US$176/t was 1.7% above the analyst's forecast and 8% higher than consensus. Macquarie now anticipates lower Narrabri production and higher group costs in FY27 before a recovery in both volumes and costs during FY28.