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Gulf Coast natural gas providers either shut down or cut back operations as Hurricane Katrina crossed the coast earlier this week. Natural gas prices hit record levels on Tuesday and have continued to do so as supply shortages kick in.
"There are some major pipelines that could be down and the expectation is that coal could fill some of the generation void," Virginia-based Friedman Billings Ramsey analyst David Khani told Associated Press.
On Tuesday, Peabody Energy closed up $US2.32 to $69.92 and yesterday hit a 52-week high of $US72.86 before closing at $US71.67 on Wednesday. In September 2004, shares were at a 52-week low of $US26.55.
Arch Coal also hit a 52-week high of $US64.90 on Wednesday, before closing at $US64.20. In November 2004, shares were at a 52-week low of $US31.86.
Likewise, Massey Energy also had its high on Wednesday at $US51.10 before closing at $US50.80.
Consol Energy, Foundation Coal Holdings and Alpha Natural Resources also experienced share price surges.
