Why Alliance Resource Partners Surged Today
Shares of Alliance Resource Partners (NASDAQ: ARLP) jumped nearly 15% on Wednesday after the natural resources company boosted its full-year production and profit forecast.
Conflict in Ukraine is driving the U.S. and many countries in Europe and other international markets to reduce their dependence on Russian energy supplies. That's fueling demand for energy produced in the U.S. and other less-volatile regions, driving up the prices of coal, oil, and natural gas in the process.
"Since we provided initial full-year 2022 guidance for ARLP on January 31, 2022, worldwide commodity prices skyrocketed," CEO Joseph Craft said in a press release. "We expect energy markets should remain favorable for the next several years, allowing ARLP to capture price realizations well above our previous expectations."
Source Fool.com
