The S&P/ASX 200 Index (ASX: XJO) is climbing once more on Tuesday, reaching its highest point since mid-September. Interestingly, S&P/ASX 200 Energy Index (ASX: XEJ) shares are among those leading its gains despite an overnight fall in oil prices.
The energy sector is currently up 1.61% compared to the broader ASX 200âs 0.9% rise.
Meanwhile, shares in many of the marketâs favourite ASX 200 energy giants are taking off. Hereâs how theyâre trading right now:
- The Beach Energy Ltd (ASX: BPT) share price is up 2.96% right now to $1.637
- Santos Ltd (ASX: STO) stock has gained 1.95% to trade at $7.85
- Shares in Woodside Energy Group Ltd (ASX: WDS) have lifted 1.83% to $36.64
- Karoon Energy Ltd (ASX: KAR) shares have gained 2.36% to reach $2.17
So, what might be going on with energy shares today? Letâs take a look.
ASX 200 energy shares outperform despite oil woes
Tuesday has shaped up to be a good day for ASX 200 energy shares despite falling oil prices.
The Brent crude oil price fell 1% to US$94.83 a barrel as most of Australia slept, while the US Nymex crude oil price dropped 1.6% to US$86.53 a barrel.
The black liquidâs value slumped amid news United States upped its oil output to a new post-pandemic high in August, reaching nearly 12 million barrels a day.
Meanwhile, US President Joe Biden has called on oil producers to increase their production in an effort to tackle energy prices, Reuters reports.
Oil prices may have also been dragged down by news of falling factory activities in China.
The purchase manager index (PMI) of the nationâs manufacturing industry fell 0.9% in October to 49.2% amid COVID-19-induced lockdowns. A figure under 50% indicates activities are contracting. This could reduce Chinese demand for oil.
Fortunately, the headlines apparently havenât dinted ASX 200 energy shares. The sector is continuing on its upwards trajectory.
Todayâs gain sees it nearly 39% higher than it was at the start of 2022. It has also risen 33% since this time last year.
The post These ASX 200 energy shares are leading the market higher on Tuesday appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of September 1 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why is the Zip share price up 5% on Tuesday?
- Guess which was the best-performing ASX ETF in October
- Why are Origin shares burning 4% brighter today?
- Why is the Brickworks share price sliding lower on Tuesday?
- Why I think todayâs cheap ASX dividend shares can double over the next 10 years
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/nVc5ag7
Leave a Reply