ASX Energy Stocks Rise as Oil Prices Hit Highest Levels Since October 2024

2 min read | January 06, 2025 01:09 PM AEDT | By Team Kalkine Media

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ASX Energy Stocks Rise as Oil Prices Hit Highest Levels Since October 2024 — Image source: Shutterstock

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Highlights

Energy Stock Gains: Shares of Australian energy stocks in the AXEJ sub-index rose by as much as 1%, reaching their highest levels since 23 October 2024.

Oil Price Surge: Oil prices remained near their highest levels since October, driven by cold weather in the Northern Hemisphere and Beijing's economic stimulus measures, which raised expectations for increased global fuel demand.

Strong Performance from Major Energy Companies: Shares of Woodside Energy and Santos rose by up to 1.2% and 0.7%, respectively, with both companies hitting their highest levels since November 25.

Australian energy stocks experienced positive momentum, with the AXEJ sub-index rising by as much as 1% on Monday, reaching its highest level since 23 October 2024. This upward trend marks a continuation of the sub-index’s gains as it is set to extend its winning streak to a ninth consecutive session.

At the heart of this rally are the oil price movements, which have remained elevated near their highest levels since October. The increase in oil prices comes as investors eye the potential impact of colder weather in the Northern Hemisphere and Beijing's economic stimulus measures on global fuel demand. These factors have bolstered expectations for sustained demand for energy products.

Among the major players, Woodside Energy (ASX:WDS) saw its shares rise by up to 1.2%, while Santos (ASX:STO) experienced a 0.7% increase. Both companies reached their highest levels since November 25, indicating strong investor confidence. However, the AXEJ sub-index still posted an 18.8% decline for 2024, despite the recent gains.

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