Russia’s Invasion Leaves Global Coal Markets In Turmoil

Just as oil prices soared above $115 per barrel and European gas prices moved up to $60 per mmBtu, coal markets have been suffering through some turmoil of their own. Global coal prices surged some 30% in one week, primarily triggered by fears of Russia’s coal supply not hitting the market as several rounds of US/EU/UK sanctions made it complicated to arrange financial lines with Russian sellers. The Asian Newcastle benchmark futures contract rose to $440 per metric tonne, with Europe’s API2 March ’22 contract trading at the same…