How are ASX 200 energy stocks performing on Tuesday?

ASX energy stocks have had a mixed day on the market today amid the European energy crisis.

Energy companies in the green include Whitehaven Coal Ltd (ASX: WHC) and New Hope Corporation (ASX: NHC). Whitehaven shares are up 3.18%, while the New Hope share price is 5.57% higher.

The S&P/ASX 200 Energy Index is also 0.87% in the green.

Meanwhile, gains for Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) are more modest at 0.47% and 0.63% respectively.

Let’s take a look at what could be impacting ASX 200 Energy stocks on Tuesday.

Oil, gas, and coal prices weighing on markets

ASX coal shares are lifting after coal prices surged overnight amid the European energy crisis.

Coal prices in Europe rose 7.6% to hit a record $345 per tonne, Bloomberg reported. Greek energy operator DESFA also announced it will keep its coal-powered stations open in case they are needed as a last resort in the winter, its CEO said.

Russia has cut off the supply of natural gas to Europe, meaning alternative energy sources could be necessary.

Meantime, oil and gas shares Woodside and Santos are having a mixed day on the back of commodity prices.

After climbing overnight, the Brent crude oil price is currently down 0.72% to US$95.05 a barrel. However, WTI crude oil is 2.12% higher to US$77.71 a barrel.

The natural gas price is also 1.26% in the red, currently US$8.68 MMBtu.

European benchmark gas futures rose 15% after soaring 35% on Monday, Bloomberg reported.

Meanwhile, Woodside has revealed it has signed a deal to supply LNG to Europe. The company has entered a flexible long-term sale and purchase agreement with Uniper Global Commodities SE.

Woodside CEO Meg O’Neill said:

Woodside is pleased that this latest agreement with Uniper will provide a new source of LNG for consumers in Europe who are seeking alternatives to Russian gas.

Meanwhile, a potential Reserve Bank of Australia (RBA) rate rise could also be weighing on investors’ minds today. The RBA is predicted to lift the cash rate from 1.85% to 2.35% at today’s meeting.

The post How are ASX 200 energy stocks performing on Tuesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea 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.

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