Energy Biz Rewind: Zion Oil UP, Europe’s Coal Demand JUMPS
Shares of Zion Oil & Gas (NASDAQ:ZN) jump almost 10 percent on word that the Israel-based exploration firm will re-enter the Elijah #3 well located in Northern Israel.
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Despite rigorous limitation by the European Union on carbon emissions, demand for coal is skyrocketing in Europe, driven by macroeconomic factors. American coal companies such as Alpha Natural Resources (NYSE:ANR), James River Coal (NASDAQ:JRCC), Patriot Coal (NYSE:PCX), and Peabody Energy (NYSE:BTU) stand to deliver mass amounts of their commodity to The Continent if the current trend continues. Shares of the companies took off Tuesday after a Bloomberg article detailed this situation.
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