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Europe Coal Surges as Traders Try to Buy From Anyone But Russia

  • Coal futures surge to record with stockpiles at historic lows
  • Sanctions spook market as concerns grow over supplies
Updated on

European coal surged to historic highs as sanctions against Russia for its assault on Ukraine tighten the global market, driving traders to look elsewhere for the commodity. 

The sanctions have triggered intense concerns over the ability of European utilities to get their hands on coal from Russia, which supplies more to the region than any other country. Even with the continent’s coal stockpiles at a historic low, high natural gas prices mean it’s still more profitable to burn coal than gas to produce power.