The Whitehaven Coal Ltd (ASX: WHC) share price is roaring upward on Tuesday despite the company's silence.
Right now, stock in the S&P/ASX 200 Index (ASX: XJO) coal miner is 8.05% higher at $9.13.
For comparison, the ASX 200 has gained 0.59% at the time of writing.
So, what might be driving the coal favourite higher? Let's take a look.
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What's driving the Whitehaven share price higher today?
The Whitehaven share price is among the top performers on the ASX 200 on Tuesday amid soaring coal prices.
Newcastle coal futures lifted 3.66% in its most recent session, potentially helping to drive the S&P/ASX 200 Energy Index (ASX: XEJ) higher. Right now, the energy sector is leading the market with a 2.3% gain.
Whitehaven stock is posting the sector's biggest gain right now, slightly ahead of the 7.4% lift recorded by shares in fellow coal stock New Hope Corporation Limited (ASX: NHC). Meanwhile, stock in ASX 200 coal miner Coronado Global Resources Inc (ASX: CRN) has risen 3.4%.
It's hard to determine what might be driving coal prices higher. Though, it might have something to do with blockades on a rail line in South America.
The blockades are halting the transport of coal from mining giant Cerrejon on its way for export, Reuters recently reported. A group of former workers are behind the protest activity. They're said to be demanding their jobs back.
Today's gains included, the Whitehaven share price is a whopping 229% higher than it was at the start of 2022. It has also gained 278% since this time last year.
