Oil & gas stocks are soaring

ASX-listed oil and gas stocks have jumped after the benchmark price soared overnight.

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Published October 9, 2015 12:11 pm AEDT

Overnight, the benchmark oil price for Brent Crude oil jumped 3.6% to US$53.18 per barrel.

ASX-listed oil and gas stocks are soaring on the back of the news.

In lunchtime trading, Beach Energy Ltd's (ASX: BPT) share price is up 10.4% to 58.5 cents, Senex Energy Ltd (ASX: SXY) has seen its share price jump 7.5% to 17.2 cents, Far Ltd (ASX: FAR) is up 6% to 8.8 cents and Santos Ltd (ASX: STO) has gained 4.4%.

Following in their path is Sundance Energy Australia Ltd (ASX: SEA) up 4.2% and Karoon Gas Australia Limited (ASX: KAR) with a gain of 3.5%.

By comparison, the S&P/ASX 300 (index: ^AXKO) (ASX: XKO) is up 0.9%.

The one stock that seems to be suffering heavily is Liquefied Natural Gas Ltd (ASX: LNG), which has seen its share price hammered down 6.2% to $1.885. over the past 12 months, LNG has seen its share price fall more than 32%, with questions over the progress of its LNG export plant in the US.

Market commentators and some oil companies are now predicting oil prices could spike higher. High cost production finally appears to be leaving the market, reducing supply and consequently pushing prices higher.

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