Tuesday proved to be a good day to be an ASX energy share. The S&P/ASX 200 Energy Index (ASX: XEJ) outperformed the broader market, gaining 0.94% over today's session.
For context, the S&P/ASX 200 Index (ASX: XJO) closed 0.67% higher while the All Ordinaries Index (ASX: XAO) gained 0.85%.
Perhaps unsurprisingly, energy commodity prices were also higher during Tuesday trading.
Right now, the West Texas Intermediate Oil April futures is up 0.87% to trade at US$96.56 per barrel, according to CNBC. Meanwhile, Brent crude May futures has gained 0.99% to reach US$98.94 a barrel.
According to reporting by Reuters, the price of oil is being bolstered by supply concerns, as some international oil giants plan to leave their Russian operations.
However, the black liquid's value might be being capped by reports the United States and its allies are planning to release reserves to regulate supply.
Natural gas futures are also gaining, likely also helping boost some ASX energy stocks. Here are 3 ASX energy shares that reached long-forgotten highs on Tuesday.
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These 3 ASX energy shares hit new 52-week highs today
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price busted through the ceiling to reach a new 12-month record high today.
It reached $29.48 at its highest point of the day – representing a 3.29% gain.
However, it slumped from its new high point before the market closed, ending the session at $28.68.
That's still 0.49% higher than it was at the end of Monday's trade.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price also hit a new 52-week high on Tuesday, gaining 6.2% at its highest point to trade at $2.70.
The diversified energy company also ended the day lower than its shiny new 12-month record. It closed 5.12% higher at $2.67.
Karoon Energy Ltd (ASX: KAR)
Finally, oil and gas explorer and producer Karoon Energy broke its 52-week high to reach $2.16 in Tuesday's session. That represented a 5.88% gain at its intraday high.
Though, as of Tuesday's close, it had slipped at $2.12 – still 3.92% higher than Monday's closing price.
