(Bloomberg) -- U.S. coal miners including Peabody Energy Corp. and Arch Resources Inc. surged as the European Union is proposing banning imports of the fuel from Russia.  

Peabody, the biggest U.S. coal producer, jumped as much as 7.1% before the start of regular trading in New York. Arch, the second-biggest miner climbed as much as 6.3%, while Consol Energy Inc. gained as much as 8.6% as prices spiked in Europe.

Russia supplied about 18% of global coal exports in 2020, with Europe as the largest buyer. The prospect of restrictions on Russian coal has already upended international energy markets, driving prices to record highs, though in recent weeks they have erased some of those gains. 

However, it may be hard for U.S. suppliers to take advantage of surging international prices, said Ernie Thrasher, chief executive officer of Xcoal Energy & Resources LLC., the biggest U.S. exporter. Miners have already sold most of their output under long-term contracts and have few spare tons to deliver to Europe. Increasing production will be difficult because the long-term prospects for the dirtiest fossil fuel are grim, and producers have had little incentive to invest in new capacity. 

Those issues have been exacerbated by tight labor markets, while supply-chain bottlenecks would make it difficult to deliver additional tons to export terminals, Thrasher said. 

“I don’t see any ability for the industry to expand production,” he said. “It’s like looking at a sweet dessert that you just can’t reach.”

Prices in the U.S. have also been surging, surpassing $100 a ton last week for the first time in 13 years.

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