Global coal prices soar to a record high as the world scrambles for energy

As an international energy crisis sends buyers scrambling for fuel, global coal prices have risen to a record high.

The highest level in the data set going back to 2008 was for coal for delivery at theNewcastle terminal in Australia next month.

The spot price for coal was three times higher than it was a year ago, according to the report.

Coal prices in Europe are close to records. Russia has squeezed energy flows to Europe, which has led to a rise in the price of Rotterdam coal, but it is still below its March highs.

Coal futures traded around $390 on Tuesday, down from $430 in March. The front-month futures have been more expensive this year. Coal for delivery to Rotterdam is at a new high.

The price of oil and natural gas have gone up in the wake of Russia's invasion of Ukraine, which has led to a resurgence in the use of coal.

According to the International Energy Agency, the world's consumption of coal is set to hit a record high in 2022.

China has been speeding up the approval of new coal power plants, according to research done by the environmental group. As a result of Russia's energy cuts, Germany is restarting mothballed coal plants.

Ole Hansen said the possibility of Europe having to step up its energy imports from Australia could be driving up coal in the country. He stated that supplies are likely to run low.

The UK is buying Australian gas. The Australia coal price trades at a record, along with the futures price.

Natural gas futures jumped as much as 34% on Monday after Russia said it wouldn't restart natural gas flows to Germany.