The rise in API#2 coal was likely a delayed response to this but it will not last as Russian gas will still find its way to European markets, according to PRIA Energy group.

It was reported that several market participants covered short positions.

While Atlantic Basin prices remain weak (particularly with the full return of Colombian export capacity and impending further reduction in European coal burn), the market seems hesitant to depress API#2 prices below $75 per tonne for an extended period.

In the US, the uptick in coal prices is unlikely to continue, according to PRIA.

“It is in the interest of none of the main players for gas supply to be disrupted in any way; not Russia, not Ukraine, and certainly not the EU,” PRIA said.

“The kicking down the road of the gas debt issue to next month confirms PIRA's belief that it is largely a tempest in a teapot.

“What's largely being missed here in the political maelstrom is that Russian gas marketers are quietly selling more gas to Europe than ever before and at a price that will meet or surpass their revenue targets for 2014.”