This month has seen some ASX energy giants gain while others tumbled.
The post How did ASX energy shares perform in June? appeared first on The Motley Fool Australia. –
June brought a mixed performance for ASX energy shares. Some of the marketâs biggest energy producers posted notable gains while others suffered.
Hereâs how some of the marketâs most renowned energy stocks have performed this month:
Woodside Energy Group Ltd (ASX: WDS) â up 7.3%
Santos Ltd (ASX: STO) â down 8.6%
Beach Energy Ltd (ASX: BPT) â up 0.3%
Worley Ltd (ASX: WOR) â down 1.7%
Viva Energy Group Ltd (ASX: VEA) â up 2.1%
Whitehaven Coal Ltd (ASX: WHC) â down 7.7%
Perhaps unsurprisingly, the S&P/ASX 200 Energy Index (ASX: XEJ) has traded relatively flat this month, gaining just 0.5%. For context, the S&P/ASX 200 Index (ASX: XJO) has slumped nearly 8%.
Letâs take a look at what moved ASX energy shares in June.
Energy was the talk of the townâ¦
ASX energy shares have put out a mixed performance this month amid fluctuating oil prices, the falling value of coal, and an energy crisis.
After closing May at US$115.60 a barrel, Brent crude oil futures are currently slipping lower to US$116.01. Itâs been a similar story for West Texas Intermediate oil price futures, which moved from US$111.91 per barrel to reach US$110.20 a barrel today.
Trading Economics notes oil prices are on a trajectory to record their first monthly declines since November despite recent supply concerns.
Meanwhile, the price of coal has tumbled around 11% this month to reach US$380 a tonne.
But the biggest news of the sector this month was arguably the energy crisis that took hold across Australia.
The Australian Energy Market Operator (NEMO) suspended the National Energy Market (NEM) wholesale market in mid-June in an effort to dodge rolling blackouts.
NEMO CEO Daniel Westerman said price caps, unplanned outages at power plants, and coal and gas supply chain disruptions had driven generators to remove capacity from the market.
The market was returned to normal operation last week.
What else drove ASX energy shares this month?
Energy commodities and shortages had plenty talking this month. Interestingly, however, there wasnât much news from ASX energy giants.
Of course, Woodside completed its massive merger with BHP Group Ltd (ASX: BHP)âs petroleum assets early in the peace. Additionally, the companyâs $17 billion Scarborough Project faced court action last week.
The post How did ASX energy shares perform in June? 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 June 1 2022
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
How have ASX 200 mining shares fared over June?
Why is the Woodside share price sliding today?
These 3 ASX gold mining shares are digging new 52-week lows today
ASX 200 midday update: Energy shares drop, PointsBet jumps
Can the Beach Energy share price hit $1.95?
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.
