Russia ban seen tightening coal market that’s already surging

Russia ban seen tightening coal market that’s already surging: A looming ban on Russian coal imports by the European Union will add to supply pressure that’s sent prices of the fossil fuel hurtling to a record, according to a key Australian producer. Global supply constraints and strong demand pushed Asia’s benchmark Newcastle thermal coal to a quarterly record of $377-a ton in the three months through June, Whitehaven Coal said Monday in a statement. The company expects to report a jump in earnings to A$3-billion ($2-billion) from A$204.5-million when it next month reports financial-year results.