BHP - Thermal coal - Newcastle prices hit all-time high as Europe scrambles for fuel

Australian thermal coal, a benchmark for the fuel largely used as an electricity feedstock, saw prices hit an all-time high Thursday ahead of US market open. With energy in short supply globally, and Russian export volumes already curtailed ahead of its invasion of Ukraine, European and Asian utilities are bidding coal prices up ~15% this morning to secure supplies for the months ahead.  As an energy supply crunch pressured politicians across Europe this winter, France took steps to increase coal consumption 50%. With Nord Stream 2 on hold for now, and reduced Russian gas supplies to Europe sustaining, the market will be laser focused on the political will for European politicians to increase coal consumption as a step towards energy security.  Producers in the US like Peabody (NYSE:BTU) and CONSOL (NYSE:CEIX) are largely hedged for the year ahead, but both have some spot market exposure to the fuel source and should

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Thermal coal - Newcastle prices hit all-time high as Europe scrambles for fuel