April 1, 2026 - The last cargoes of liquefied natural gas from the Gulf, the source of a fifth of global LNG production, set sail a month ago, before America and Israel attacked Iran. As these reach their destinations at the start of April, energy importers reliant on the stuff, particularly for electricity generation, are scrambling to respond. Rich ones are forking out more for whatever LNG they can get their hands on. Some poor ones have shut schools or urged businesses to cut short their work week. Everyone is looking for alternatives. Many are eyeing coal.

In recent days Japan and South Korea have lifted restrictions on older coal-fired power plants, which were being phased out in order to rid the two energy systems of the grubbiest fossil fuel. Bangladesh is importing more coal from Indonesia and South Africa, and more coal-generated electricity from India. Coal prices for delivery from Australia, the main global benchmark for exports, are up by 25% since late February. Black, it seems, is the new black.