Australia's Energy Stocks Rebound, Breaking Three-Week Losing Streak

2 min read | June 21, 2024 03:15 PM AEST | By Team Kalkine Media

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Australia's Energy Stocks Rebound, Breaking Three-Week Losing Streak — Image source: shutterstock

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Australia's energy stocks (INDEXASX: XEJ) have seen around 0.50% increase so far this week, ending a three-week losing streak. The sub-index rose as much as 0.9% during the intraday session on Friday, marking its highest level since 14 June 2024. This recovery is largely driven by firming oil prices, supported by ongoing tensions in the Middle East and concerns over potential disruptions to global oil supply.

Oil Prices and Market Sentiment

Throughout the week, oil prices remained strong due to geopolitical tensions in the Middle East, which raised fears of disruptions in the global oil supply. This sentiment provided a significant boost to energy stocks, helping the sector recover from recent declines.

Major Players Lead the Charge

Key players in the Australian energy market, Woodside Energy (ASX: WDS) and Santos (ASX: STO), showed notable gains. Woodside Energy's stock increased by 0.77%, while Santos saw a more substantial rise of 1.54%, marking its biggest intraday percentage gain since 20 May 2024. On a weekly basis, Woodside Energy and Santos posted gains of 0.6% and 1.3%, respectively.

Year-to-Date Performance

Despite this week's gains, Australia's energy sector has faced challenges throughout the year. As of the last close, the sector has experienced a 7.5% decline. This week's performance, however, indicates a positive shift and potential recovery for the remainder of the year.

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