The Beach Energy Ltd (ASX: BPT) share price is soaring today despite no news having been released by the company.
However, it might be being pushed higher by the price of oil, which is on an upwards trajectory today.
Right now, the price of a barrel of Brent Crude oil is up 1.06% to US$75.13. Meanwhile, the price of West Texas Intermediate is up 1.16% to US$71.31 per barrel.
This might be boosting the Beach Energy share price higher. At the time of writing, the energy producer’s shares are going for $1.13 apiece, 4.8% more than they were at yesterday’s close.
Let’s take a closer look at what might be boosting Beach Energy’s stock today.
Energy sector gains alongside price of oil
The Beach Energy share price is soaring today as is the price of oil.
According to reporting by Reuters, the price of oil rose on Tuesday (Wednesday morning AEST) following oil producers’ struggles to provide enough of the black liquid to sate demand.
However, the supply worries were reportedly counterbalanced by Russia’s belief that demand for oil won’t recover to 2019 levels due to the world’s changing energy needs.
Additionally, US oil inventories fell last week as many oil drilling operations are continuing to recover from Hurricane Ida, which halted production in the Gulf of Mexico.
Beach Energy’s stock isn’t the only energy share to record gains today. In fact, most of the S&P/ASX 200 Energy Index (ASX: XEJ) is in the green today.
The sector is being led by the Worley Ltd (ASX: WOR) share price, which is up 5.5%.
Beach Energy share price snapshot
Despite today’s gains, the Beach Energy share price is struggling on the ASX.
It has fallen 39% since the start of 2021. It has also dropped 17% since this time last year.