Why Record-High Prices Won’t Drive A Recovery For U.S. Coal

Similar to oil and gas prices, U.S. coal prices have hit multi-year highs as Russia's war in Ukraine and an economic rebound from the pandemic have upended international energy markets and driven up demand for fossil fuels. Indeed, U.S. coal prices surged to an all-time high of $439 per metric ton in March before pulling back to $331/ton, still good for a nearly 140% increase in the year-to-date. In comparison, crude prices have increased 45% YTD while natural gas has jumped 133%. Stocks of leading coal producers have outperformed Big Oil stocks,…