4 ASX energy shares trading higher today

And up through the ground come a bubbling crude. Oil that is, black gold, Texas tea.

| More on:
Three people leaping in celebration against a blue sky.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX energy shares are largely moving higher today.

While many factors impact each individual company's share price, ASX energy shares are undoubtedly enjoying a continuing surge in oil prices.

Currently at US$74.49 (AU$96.75) per barrel, Brent crude is trading at its highest levels in more than 2 years.

Indeed, as recently as 30 October, Brent was selling for a mere US$37.46 per barrel. Or roughly half what it's fetching today.

Little wonder then that we see most ASX energy shares benefiting.

What's ahead for oil?

Oil prices have been soaring on the back of demand and supply imbalances.

Demand has been resurgent as the world emerges from pandemic lockdowns. Supply has been reduced due to successful efforts by OPEC+ (which includes Russia) to cut output, along with far less shale oil coming out of the US since COVID struck.

Mike Muller is Vitol Group's head of Asia. Vitol, if you're unfamiliar, is the world's biggest independent oil trader.

According to Muller (as reported by Bloomberg), with US output down OPEC+ is in the driver's seat when it comes to managing prices. "There's a perception in the market that control is with OPEC+. It will take a long time for US oil to come back," Muller said.

Muller expects China's economic growth will also drive further demand for oil and bring down crude stockpiles.

Now, even for the experts, forecasting the price of oil is contingent on many factors. Should US supply unexpectedly ramp up, or should global energy demand falter in the face of renewed virus lockdowns, the oil price would almost surely retrace.

4 ASX energy shares trading higher today

There's a rather lengthy list of ASX energy shares, big and small, trading higher today.

For the purposes of this article, we'll look at 4 of the bigger, leading players.

First up, Santos Ltd (ASX: STO). The S&P/ASX 200 Index (ASX: XJO) listed energy share has a market cap of $16.2 billion and is currently trading for $7.79 per share. The Santos share price is up 1.5% in intraday trading and has gained 24.2% so far in 2021.

Next, we have Woodside Petroleum Limited (ASX: WPL). Woodside is another ASX 200 energy share, with a market cap of $23.5 billion. The Woodside share price is up 2.9% in early afternoon trade and up 7.3% year-to-date.

On the smaller end of this pack is Senex Energy Ltd (ASX: SXY), with a market cap of $656 million. The Senex share price is up 4.23% today and has gained 41.8% so far in 2021.

Finally, we leave off with ASX energy share Oil Search Ltd (ASX: OSH). Also an ASX 200 company, Oil Search has a market cap of $8.7 billion. The Oil search share price is up 2% in intraday trading and up 13% year-to-date.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

An oil worker in front of a pumpjack using a tablet.
Energy Shares

Top 5 ASX 200 energy shares of FY25 amid a challenging year for sector

The energy sector was the weakest of the 11 market sectors in FY25.

Read more »

An oil worker on a tablet with an oil rig in the background.
Energy Shares

Buying Woodside shares? Here's the latest oil price forecast from Goldman Sachs

Here’s what Goldman Sachs is forecasting for the oil price in the year ahead.

Read more »

Natural gas plant engineer using a laptop.
Energy Shares

Santos share price pushes higher amid big Asian news

ASX investors are bidding up Santos shares on Friday.

Read more »

a man and his small son crouch in a green field under a beautiful sunset sky looking at renewable, wind generators for energy production.
Energy Shares

Non-oil energy investments are on the rise: Here are 2 to consider

Australian investors are turning their attention to non-oil energy stocks poised for growth.

Read more »

Oil rig worker standing with a clipboard.
Energy Shares

How much upside does Macquarie tip for Woodside shares?

With shares up 23% since April, here’s Macquarie’s 12-month forecast for the Woodside share price.

Read more »

A male oil and gas mechanic wearing a white hardhat walks along a steel platform above a series of gas pipes in a gas plant.
Energy Shares

Should I buy Santos shares today amid the ongoing $30 billion takeover offer?

With the $30 billion Santos takeover offer not yet finalised, should you buy shares right now?

Read more »

Workers inspecting a gas pipeline.
Broker Notes

What's Macquarie's price target for Origin Energy shares?

Could Origin be primed for a turnaround?

Read more »

Man holding out Australian dollar notes, symbolising dividends.
Dividend Investing

With an 8% dividend yield, should I buy Woodside shares for their passive income?

A leading expert offers his take on Woodside shares and the passive income on offer.

Read more »