Thermal-coal prices would likely move sharply higher if a labor dispute disrupts Australia’s LNG exports and causes gas prices to spike, Citi analyst Paul McTaggart says in a note. “If Asian/European gas prices do spike to $20/mmbtu [million British thermal units]” on any lengthy supply disruption, “we’d expect NEWC6000 thermal coal to be in a range of $220-$260/ton given equivalent energy pricing and price regression,” says McTaggart. Newcastle coal, an industry benchmark, currently trades at around $140/metric ton. European gas is roughly $12/mmbtu.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)