Why did Santos (ASX:STO) shares close higher on Tuesday?

2 min read | July 19, 2022 05:48 PM AEST | By Sonal Goyal

Image source: © Timonschneider | Megapixl.com

What’s happening with Santos’ share price?

Alongside many energy stocks, Santos shares registered a significant gain on the ASX on Tuesday. The share price is driven by the overnight surge in the oil prices globally. According to a media source, oil prices shot over US$5 on Monday. The weakness of the dollar supported the oil prices.

Image source: © Yakobchuk | Megapixl.com

The surge in the oil price can also be driven by the news that Saudi Arabia refused to commit to increasing future oil production but instead said it would examine market conditions.

US West Texas Intermediate (WTI) oil prices increased by 5.1% to US$102.60. Brent crude futures for September delivery settled US$5.1% up to US$106.27 a barrel.

Shares of Whitehaven Coal Limited (ASX:WHC) posted a gain of 4.75% (at 3:55 PM AEST) to become a top performer on ASX 200. The shares might be driven by the quarterly report shared on the ASX yesterday. Shares of Woodside Energy Group Limited (ASX:WDS) gained 3.26% and New Hope Corporation Limited (ASX:NHC) improved by 3.84%.

Historical performance of Santos

The shares have surged by around 6% in the last five trading sessions. On a year-to-date basis, the shares surged by around 9.70%. In last 12 months, the shares surged by 6%, and in five years, the share price increased by a whopping 122%.

The 52-week range of Santos is AU$5.840 to AU$8.855, with a P/E ratio of 15.66.

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