S&P/ASX 200 Index (ASX: XJO) coal shares are running hot today … again.
At the time of writing, the ASX 200 is shrugging off sky-high inflation figures from the United States for a gain of 0.3%.
But ASX 200 coal shares are leaving the benchmark's gains in the dust.
The Whitehaven Coal Ltd (ASX: WHC) share price is up 6.9% in early afternoon trade. Whitehaven shares closed yesterday at $5.39 and are currently trading for $5.76 apiece.
Rival ASX 200 coal share New Hope Corporation Limited (ASX: NHC) is also charging 7.0% higher. New Hope closed yesterday trading for $4.02 per share and is currently at $4.30.
So, what's firing up investor interest in the coal sector?
Coal prices back near record highs
The fortunes of ASX 200 coal shares, and the investors who hold them, are closely tied to the price of the 'other' black gold they dig from the ground.
And coal prices, already running at historic highs, have again tipped back to record territory.
According to data from Trading Economics, Newcastle coal futures have rocketed back above US$430 per tonne. That's within a whisker of the previous all-time highs set back in the first week of March this year.
Energy prices were already moving higher heading into 2022 as the world began to shake off COVID-19 closures and demand rebounded amid limited new supplies.
Then oil and coal-rich Russia invaded Ukraine, and the resulting sanctions on Russian exports saw energy prices rocket as European and Asian nations looked elsewhere for their energy needs.
How have ASX 200 coal shares performed amid rocketing prices?
With a relative dearth of recent investments in coal exploration and new projects, surging demand has seen the price for thermal coal rocket from US$154 on 4 January to the US$430 recorded in futures contracts today.
As you'd expect, ASX 200 coal shares have been major beneficiaries of soaring prices for their product.
Since the opening bell on 4 January, the New Hope share price has surged 86%.
Whitehaven coal has fared even better, with shares up 109% year-to-date.
And this in a year that's seen the ASX 200 fall by 12%.
