Rising coal prices translates into rising share prices for Australia's coal miners, bucking the trend of heavy losses in the energy sector.
Coal stocks were up 2.1 per cent as a collective, compared a 1.3 per cent decline to the broader energy sector.
It comes as Coal Spot prices lift by 2.9 per cent to $US396 – its highest level since the onset of Russia's invasion of Ukraine in early March. The price of a tonne of coal is nearly four times higher since the start of the year.
Coal has rallied this week amid fears of an energy crisis in Europe this northern hemisphere winter. Many European countries including Germany are looking to turn to coal to make up supply that it would usually get from Russian gas.
Whitehaven Coal is the best performing coal miners on the local bourse with shares up 5 per cent to $5.42 – placing it within reach of four-year highs.
New Hope (+3.6 per cent), Coronado Global Resources (+3.1 per cent) and Yancoal (+1.1 per cent) all outperform the broader market.
