How are ASX oil shares faring as Saudi, UAE struggle to up production? - Kalkine Media

June 29, 2022 02:16 PM AEST | By Ashish
Follow us on Google News:

Highlights

  • Oil prices rose for the third day on Tuesday.

  • Both WTI and Brent crude closed over 1%.

  • As of now, tight oil supply is a concern for the world.

Oil prices closed higher on Tuesday as both United Arab Emirates (UAE) and Saudi Arabia – the two leading oil producers – appeared unlikely to boost tight supplies as West looked at ways to cap Russian oil prices. The prices of oil surged for the third day and both US West Texas Intermediate (WTI) and Brent crude settled over 1% on Tuesday.

UAE energy minister clearly said that the country was producing at its maximum capacity.

Meanwhile, G7 leaders are looking at how to control surging energy prices and replace Russian oil and gas imports. G7 nations may look at a possibility of introducing a price cap on oil exports from Russia in order to stifle Moscow’s revenues.

As of now, tight oil supply continues to be a global concern. The series of muted economic data from the US has already triggered these concerns.

On this note, let’s look at how shares of a few leading ASX-listed oil companies are faring today:

Woodside Energy Group Ltd (ASX:WDS)

By 11:37 AM (AEST), Woodside Energy’s shares were trading at AU$32.44, down 0.75%. The shares have risen over 43% on a year-to-date (YTD) basis. In the past year, the stock has risen over 45%, while in the past one month, the stock has gained more than 7%.

RELATED ARTICLE: Commodity wrap-up: Crude oil & natural gas collapsed on economic growth concerns

Santos Ltd (ASX:STO)

By 11:37 AM (AEST), Santos shares were trading at AU$7.54, down 0.53%. The shares have risen over 14% on a YTD basis. In the past year, the stock has risen over 4%, while in the past month, the stock has dropped more than 8%.

Beach Energy Ltd (ASX:BPT)

By 11:37 AM (AEST), Beach Energy’s shares were trading at AU$1.80, up 1.70%. The shares have risen over 37% on a YTD basis. BPT shares have gained over 42% in the past year and over 9% in the past month.

Karoon Energy Ltd (ASX:KAR)

By 11:37 AM (AEST), Karoon Energy’s shares were trading at AU$1.82, down 2.42%. The stock has risen over 3% on a YTD basis. In the past year, the stock has racked up over 36% gains while in the past month, the stock has dropped more than 11%. 

RELATED ARTICLE: Bounty Oil & Gas NL (ASX:BUY) to fast-track oil and gas development in 2022

BHP Group Ltd (ASX:BHP)

By 11:37 AM (AEST), BHP shares were trading at AU$42.60, down 0.88%. The share has risen over 0.5% on a YTD basis. In the past year, the stock has fallen over 11%, while in the past month, the stock has dropped more than 5%.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK