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Highlights
- The prices of both the crude oil benchmarks have gained significantly in the last one month.
- Oil prices have been marching upward as various oil-exporting countries have struggled to keep up the production pace.
- The significant rise in oil prices could provide room for renewable and green energy technologies in society.
Crude oil prices steadied on Wednesday after falling about 3% on Tuesday as investors assessed the cooling tension between Russia and Ukraine. Russia stated that it has withdrawn some of the military units back to bases following the completion of exercises near Ukraine.
Despite a substantial fall in prices, both crude oil benchmarks are currently trading above 8.93% monthly gains. Experts believe that a possible invasion of Ukraine by Russia could push the oil above US$100 per barrel.
Oil prices have been marching upward for months as various oil-exporting countries have struggled to keep up the production pace as per the rising demand. However, the recent rush in crude oil prices has been associated with the potential Western sanctions on Moscow, which could bring down nearly 70,000bpd supply, with Russia being the world’s largest oil and gas producer.
Also Read: Crude oil hits fresh seven-year high amid Russia-Ukraine tension
The significant rise in oil prices could also provide room for renewable and green energy technologies in society. The unprecedented interest in renewable energy, as a possible source for sustainable development, has already provided momentum to green and renewable energy technologies, including solar, wind, hydrogen, etc. But the availability of relatively cheap green and renewable energy would allow consumers to get encouraged economically.
On that note, here are three ASX-listed clean and green energy stocks which were recently in the limelight. Let’s have a look at them.
RELATED ARTICLE: Three ASX-listed renewable stocks to look at in light of COP26 summit
Sparc Technologies Limited
Source: © Luckystep48 | Megapixl.com
On 2 February 2022, Sparc Technologies (ASX:SPN) entered into a binding agreement with Fortescue Future Industries (FFI), a subsidiary of Fortescue Metals Group (ASX:FMG), and the University of Adelaide to form a JV to undertake research and development work.
SPN aims to deliver a unique and innovative process to produce commercially viable green hydrogen via photocatalysis.
GOOD READ: 3 themes to bet on as a resource investor amid EV stocks’ rallies
Hexagon Energy Material Limited
On Monday, Hexagon Energy Material Limited (ASX:HXG) inked a Binding Terms Sheet Earn-In Agreement with Green Critical Minerals Pty Ltd, which will bring cash and exploration funding for the Graphite resources of the McIntosh Project.
Australia’s future energy project development and energy materials exploration company also shared the progress on its McIntosh Ni-Cu-PGE project in beginning of February 2022.
On further examination of historical data, HXG has identified an underexplored area at the Melon Patch prospect of McIntosh project.
The upcoming 2022 exploration program at McIntosh comes at a time, which is well-suited for future market demands.
Strike Energy Limited
On 2 February 2022, the Australian Federal Government awarded Strike Energy’s (ASX:STX) Project Haber a Major Project Status. The project offers to advance Australia’s downstream manufacturing industry by integrating low carbon technologies and renewable hydrogen.
Source: © Allexxe | Megapixl.com
The project has the potential of being strategically vital to Western Australia, Mid-West, and National economies in the long term. The awarding of Major Project Status will support the project to streamline approvals processes through Major Project Facilitation Agency.
Related Article: Which are the leading solar stocks in Australia?
Bottom Line
Skyrocketing prices of crude oil could provide an opportunity for green and renewable energy sources to make a significant place in society amid rising environmental concerns.
