Why are ASX 200 coal shares breaking records yet again?

These ASX 200 coal shares are firing up again to hit record highs today despite the broader market keeping afloat.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up 0.26% after $60 billion was wiped off during yesterday’s market rout.

Global stocks too plunged following the release of the downbeat US inflation report for the month of August.

The Dow Jones Industrial Average Index (DJX: .DJI) recorded its worst day since June 2020 to fall 3.94% on Tuesday, while the NASDAQ-100 (NASDAQ: NDX) tanked 5.54%.

Nonetheless, despite the doom and gloom, the ASX’s coal miners are steaming ahead on the back of the current energy crisis.

The Whitehaven Coal Ltd (ASX: WHC) share price touched an all-time high of $5.96 earlier today.

However, some profit takers have caused the share to slightly retrace to $5.92, up 5.19%.

On the other hand, the New Hope Corporation Limited (ASX: NHC) share price rocketed to a record $5.85 just after midday.

At the time of writing, its shares are 6.01% higher to $5.82.

And lastly, the Coronado Global Resources Inc (ASX: CRN) share price is also pushing higher by 9.14% to $1.85. Although it isn’t moving into unchartered territory today, it is still worth mentioning given its strong ascent.

For the record, Coronado shares hit an all-time high of $2.49 on 5 May 2022.

Let’s take a look at what’s fuelling these top ASX 200 coal shares to such levels.

What’s fuelling these ASX 200 coal shares?

The price of coal is close to returning to its record high as global demand ramps up for sources of reliable energy.

According to Trading Economics, Newcastle coal futures are fetching at US$444 a tonne, up 1.1% from its previous close.

The all-time high reached for the price of coal was US$457.80 per tonne, earlier this month.

With the Russian war in Ukraine dragging on, European nations are scrambling to secure coal reserves for the upcoming winter.

In addition, India has increased imports as coal inventories have hit their lowest pre-summer levels since 2013.

The world’s second-largest coal importer wants enough coal to meet demand for the next three years.

India receives more than 90% of coal imports from Australia, Indonesia, and South Africa.

The post Why are ASX 200 coal shares breaking records yet again? appeared first on The Motley Fool Australia.

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More reading

• Whitehaven share price rallies to new all-time high on Thursday
• Why Clover, Select Harvests, Whitehaven Coal, and Woodside shares are storming higher
• How this fundie is beating the ASX 300 without fossil fuels
• Why is the Coronado share price leaping 9% on Thursday?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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