ALD, WHC, VEA: Why these ASX energy shares rose to 52-week highs last week

3 min read | May 02, 2022 08:50 AM AEST | By Ashish

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ALD, WHC, VEA: Why these ASX energy shares rose to 52-week highs last week — Image source: © Bulus | Megapixl.com

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Highlights

ASX-listed energy shares have rebounded significantly in the past week.

The energy shares jumped despite concerns over COVID-19 lockdowns in China.

The ASX 200 Energy Index (ASX:XEJ) is up 0.58% in the past month.

The ASX-listed energy shares have rebounded significantly in the past week despite concerns over COVID-19 lockdowns in China, which are expected to weigh on the country’s massive energy demand. The world is already seeing supply shortages of coal, crude oil, and gas as a result of the ongoing Russia-Ukraine war.

Oil prices fell on Friday, reversing late in the volatile session, pulled downward by the US heating oil contract that plummeted by more than 20% at one point on the day of its expiration.

Meanwhile, the ASX 200 Energy Index (ASX:XEJ) is up 0.58% in the past month compared to a 1.05% fall posted by the ASX 200. On the other hand, the ASX All Ordinaries is down 1.2% during the same period.

On this note, let’s discuss why these ASX-listed shares jumped to their respective 52-week highs last week:

Ampol Ltd (ASX:ALD)

Ampol Ltd is an Australian petroleum company with its headquarters in Sydney.

Ampol’s share price hit a new 52-week high of AU$34.81 on Friday.

Ampol shares are in focus ever since the New Zealand Commerce Commission approved divestment of Gull for nearly NZ$509 million of cash to Allegro Funds. On Friday, the shares got further boost following reports that the company is boosting its electric vehicle (EV) charging plans through its EV charging brand, AmpCharge.

Whitehaven Coal Ltd (ASX:WHC)

Whitehaven is an Australian coal mining company.

Whitehaven’s share price hit a new 52-week high of AU$5.08 on Friday.

The coal miner has benefited from record surge in prices for coal on account of geopolitical tensions and supply shortages. The company revealed in its latest quarterly report that it had received an average coal price of US$315 per tonne, up from US$101 per tonne in the first quarter of last year.

Viva Energy Group Ltd (ASX:VEA)

Viva Energy is an Australian company that owns the Geelong Oil Refinery and retails Shell-branded fuels across Australia.

Viva Energy’s share price hit a new 52-week high of AU$2.82 on Friday.

The company recently posted a robust quarterly operation update. It revealed that its total sales volumes rose 9% in 1Q22 compared to the corresponding period last year.

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