“Morgan Stanley on Tuesday lowered its long-term natural gas price forecast by 50 cents to $3.75 per million British thermal units, saying it’s concerned “that late 2015 natural gas weakness will bleed into next year” before recovering in the second half of 2016 through 2017,” reports Mario Parker for Bloomberg.

On the supply side, global coal producers show no signs of cutting back as while oil prices helped cut input costs and depreciating currencies help offset some of the lost coal revenue. KOL has not closed higher on an annual basis since 2010.

Market Vectors Coal ETF